$BTC unrealized profits just hit $1.2 trillion.

It is only $100B away from the all-time high of $1.3T.

This means most holders are deep in profit… yet there’s no mass exit, no euphoria, no peak mania.

Historically, tops are marked by explosive spikes in profit-taking and inflows to exchanges.

Right now? It’s quiet. Too quiet.

Long-term holders are still holding.

ETFs are still buying.

Supply is still tightening.

We’re not at the top.

The next move could be massive.