Bitcoin has skyrocketed, but the real large-scale profit-taking hasn’t happened yet. BTC has rebounded quickly recently, and holders are indeed starting to lock in some profits. In the past 7 days, the net realized profit on-chain is about $5.1 billion. Sounds like a lot? But in the context of the entire cycle, this number is actually quite restrained. The current intensity of profit-taking is more similar to the early stages of the bull market at the end of 2023, rather than the frenzied sell-offs seen at major market tops in the past. This means something very important: Prices are rising, but the coins aren’t rushing to leave. When we’re truly near the cycle’s peak, we usually see a large number of holders converting massive unrealized profits into realized profits, creating intense selling pressure on the market. But right now, even with BTC back near $80,000, We’re not seeing extreme profit-taking on-chain. Rapid price increases + mild profit-taking. This kind of structure actually looks more like the early stages of a rally, rather than the end phase where everyone is scrambling to exit the market. If BTC continues to hit new highs later, one of the signals I’d really start to watch out for is: The higher the price goes, the more on-chain Realized Profit starts to explode. At least for now— We haven’t seen that yet.