Bitcoin’s underlying on-chain activity has turned increasingly dynamic in mid-July 2025. Two key metrics — Coin Days Destroyed (CDD) and Net Realized Profit and Loss (NRPL) — now signal renewed movement from both long-term holders and recent participants.
In the past week, CDD has climbed sharply, reaching 28M levels. This signals that older BTC, dormant for extended periods, has started moving again. Historically, CDD spikes suggest strategic shifts: large holders either redistributing supply or repositioning portfolios. Often, such activity emerges near cycle midpoints or local tops.
At the same time, NRPL surged, crossing $4B in realized profits — the highest since early Q2. Such large-scale profit-taking reflects that whales and recent buyers are actively locking in gains, yet BTC’s price has remained stable near $117K–$120K. This lack of sharp correction amid heavy realized profits could indicate resilient underlying demand or delayed reaction.
Interestingly, this current wave differs from late June. Back then, NRPL showed a mix of realized losses and modest profits — suggesting capitulation from late buyers while older holders quietly accumulated. Today, the narrative flips: profits dominate, while older coins flow.
Structurally, this activity coincides with Q3’s institutional rebalancing phase, hinting that recent moves are deliberate, not noise.
Historically, spikes in both NRPL and CDD have preceded volatility: local tops, consolidations, or even mid-cycle pauses. Now, both metrics signal coordinated activity from larger players — a potential setup for a market pivot.
Whether this results in distribution or further rally depends on follow-through. But for now, whales are active, profits are taken, and long-dormant supply is in motion. The market stands at a possible inflection point — hidden beneath stable price action.
Written by Kripto Mevsimi
