As Bitcoin consolidates amid macro and geopolitical uncertainty, monitoring on-chain behavior becomes crucial.
- Currently, realized profits on Bitcoin (7DMA) show no major warning signs at this stage.
Profits remain below $1 billion, a level comparable to what was observed at the end of the October 2024 correction.
While we did see a slight uptick in realized profits during the recent all-time high, they remained well below the levels seen in January 2025.
This suggests that investors are neither worried enough nor in enough profit to trigger widespread selling.
That lack of selling pressure is a key contributor to the ongoing consolidation phase, and one that should be closely monitored going forward.
That being said, what currently prevents Bitcoin from pushing higher is the lack of strong demand, which is clearly visible in this chart.
- This apparent demand chart compares the new supply to the over 1-year inactive supply, highlighting the apparent demand.
When the ratio rise above 0, it indicates that demand is positive.
Since the last local top in May, demand has been gradually declining, although it remains strong enough to absorb the ongoing selling pressure.
Too conclude, the market appears to be in a state of equilibrium, with realized profits at normal levels and positive demand gradually declining.
Written by Darkfost
