$BTC
Only 13% of on-chain spot traders are in profit right now.
These short-term holders (BTC held 1–3 months) are usually sharp — optimizing for max returns.
But unlike past tops:
2012: +232% avg profit
2021: +150% avg profit
2024 cycle? Peaked at just 69%, now down to 13%.
Despite BTC hovering near ATHs, this group’s realized price is ~$104K — meaning less pressure to sell.
But here’s the flip side...
If profits dip further, capitulation could kick in triggering a broader correction.
That kind of shakeout? Historically a golden entry point for those paying attention.
