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▲ Bitcoin (BTC)
As Bitcoin (BTC) rebounded to a three-month high, investors' profit-taking also rapidly increased. With prices up 37% since April, daily realized profits surged to their highest level since early December 2025, and unrealized profit ratios approached levels where distribution pressure had been strong in the past.
CryptoPotato reported on May 10 (local time), citing a CryptoQuant report, that Bitcoin investors' profit-taking has expanded with the recent rally. Bitcoin surged 37% since early April, driven by a combination of easing macro pressures, previous undervaluation, and a sharp increase in perpetual futures demand, reaching its highest price in three months.
According to the report, on May 4, Bitcoin holders recorded 14,600 BTC in realized profits on a daily basis. This was the first time such a level had been seen since December 10, 2025. At that time, Bitcoin was trading above $90,000. The Short-Term Holder Spent Output Profit Ratio (SOPR) also rose above 1.016, exceeding 1.00, and this indicator remained in profit territory since mid-April.
CryptoQuant analysts noted that historically, an increase in realized profits at major resistance levels has often been followed by the formation of local tops or prolonged sideways consolidation. This suggests that the current Bitcoin market could experience one of two scenarios after the ongoing rebound.
Changes were also evident on a 30-day moving basis. Bitcoin holders are realizing at least 20,000 BTC in net profits for the first time since December 22, 2025. This contrasts with the large net loss realization period in February and March. At that time, investors' realized profit/loss fell to minus 398,000 BTC. CryptoQuant evaluated the transition from net loss realization to net profit realization as a structural inflection point in bear market dynamics.
However, the current scale of profit realization falls significantly short of the criteria associated with a bull market. A net profit of 20,000 BTC on a 30-day basis is lower than the 130,000 BTC to 200,000 BTC range observed during bull markets. Simultaneously, investors are recording their highest unrealized profit ratios since June 2025. CryptoPotato stated that this range has historically been interpreted as a point where correction risks increase, as investors have a greater incentive to lock in profits.
Internal market demand has not yet fully recovered. While perpetual futures demand continues to expand, maintaining the speculative environment that triggered the April rally, spot demand remains subdued. However, the degree of contraction has eased compared to early 2026, and exchange inflows have remained at limited levels. CryptoPotato stated that while the current market carries significant correction risk, it has not yet reached a full distribution peak.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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