With unrealized profits already reaching overheated territory, it is reasonable to expect short-term holders to begin spending coins in profit at an accelerated pace. These events can be identified when the Percent of Spent Volume in Profit by short-term holders rises above the 1 standard deviation band.

This is a pattern which has historically preceded demand-side exhaustion. So far, we have experienced the first major wave of high-volume profit taking since the peak in late 2024.