During the 2020–2022 market, Bitcoin investors realized around $550B in profit across multiple rallies, including two major waves. In the current cycle, realized profit has already reached $650B, surpassing the previous cycle’s sum total.

Currently, the market appears to be in a cool-down phase after the third significant wave of profit-taking, indicating that while large gains have been secured, momentum is now easing as realized profitability tapers off.