👀Few investors are taking profits.

Both short-term and long-term holders are holding onto their positions, showing behavior very similar to what we saw after July 2021 — even as BTC reached its all-time high of $69K.

This suggests there is still no widespread euphoria in the market.

For global sentiment to return with strength, BTC may need to climb well beyond $110K — perhaps even $140K.

It’s worth noting: the biggest profit-taking moments in this cycle happened between March and April 2024, and again between December 2024 and January 2025.

Until then, we continue to watch a market that has yet to “wake up” to the potential of the next phase.

Alphractal