Bitcoin has staged a significant rebound, soaring to approximately $110,000 and putting it squarely within striking distance of its all-time high.
What makes this current rally particularly noteworthy, however, is the striking absence of the aggressive profit-taking movements typically observed at past market peaks.
This unique behavior, highlighted in a recent report by Crypto Dan, drawing on data from blockchain analytics firm CryptoQuant, suggests a strong bullish sentiment among key market players.
According to Crypto Dan, there are “no signs of the profit-taking movements seen at past peaks.”
This observation is corroborated by CryptoQuant’s “Bitcoin: Net Realized Profit and Loss (NRPL)” chart, a crucial metric that tracks the aggregate profit or loss realized by all coins moved on-chain.
Understanding the Chart:
The NRPL chart visually represents periods of significant profit-taking or loss-realization across the BTC network.
- Past Peaks (Red Ellipses): The chart clearly shows massive spikes in the NRPL indicator (marked by the red ellipses in late 2024 and earlier in 2024). These towering vertical bars indicate periods where a substantial amount of profit was realized and taken off the table by investors, often coinciding with local or cycle tops. This is typical market behavior, as investors capitalize on gains.
- Current State (Green Ellipse): In stark contrast, the green ellipse highlights the current period. Despite Bitcoin’s price being near its all-time high of $110,000, the NRPL metric shows significantly subdued profit-taking. The bars in this section are much smaller and less frequent compared to past peaks, indicating that a large portion of market participants, particularly those holding significant amounts, are choosing not to sell.
This subdued profit-taking suggests a strong conviction among holders. Crypto Dan elaborates that “Whales show no intention of taking profits at this price level and are likely to wait for higher prices, where significant market overheating and a bubble form, before making their moves.” This implies that large holders, often referred to as “whales,” anticipate further upward movement and are holding onto their assets, expecting even greater returns before they begin to offload.
The implications of this behavior are significant. The lack of selling pressure from those who are already in substantial profit removes a major barrier to further price appreciation. Crypto Dan concludes with a strong prediction: “Ultimately, it is highly likely that we will see Bitcoin surpass its all-time high before this cycle ends.”
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/market/bitcoin-nears-all-time-highs-with-unprecedented-lack-of-profit-taking/