According to Glassnode, Realized Profits on the Bitcoin network surged.

On the 30th of June, around $2.4 billion in $BTC were realized at an average price of $107,198, marking the highest daily profit-taking spike in nearly a month.

The 7-day SMA for Realized Profits jumped to $1.52 billion, well above the 2025 average of $1.14 billion, but still far from the $4–5 billion peaks seen in late 2024.

What does that mean?

there are growing signals that this cycle may be structurally different, potentially challenging Bitcoin’s historically resilient performance in July.