Realized Profits Surpass Last Cycle

During the 2020–2022 bull run, Bitcoin investors collectively realized approximately \$550 billion in profits across multiple rallies.

In the current cycle, we’ve already exceeded that, with \$650 billion in realized profits — a clear indicator of how intense and profitable this cycle has been so far.

However, the market now appears to be entering a cool-down phase following the third major wave of profit-taking. With realized profitability starting to taper off, it suggests that while significant gains have been secured, bullish momentum is easing.

Keep an eye on market structure and volume—this phase often defines the strength of the next move.