$BTC unrealized gains are sitting at $1.2 trillion.

This is just $100 billion less than Q4 2024, which resulted in a 30% correction.

Although so far, the BTC holders aren't showing any aggressive signs of profit taking, but it could happen.

My guess is that $125K-$130K could be the local top for BTC.

After that, alts could outperform for some time and the final rally will happen in November/December 2025.