On-chain data shows the Bitcoin investors have realized over $650 billion in profits this bull run so far, more than the entire last cycle.
The metric refers to on-chain data to determine this. It takes the previous transfer price of each token being sold/transacted as its cost basis. If this last acquisition value for any token is less than the current spot price that the coin’s now being moved at, then the token’s sale corresponds to profit realization.
Now, here is the chart shared by Glassnode in the report that shows the trend in the 30-day moving average (MA) of the indicator for Bitcoin over the current and last cycles:
As is visible in the above graph, the 30-day MA Bitcoin Realized Profit has seen three major spikes in the current bull cycle, suggesting that there have been three significant profit-taking waves from the investors. In total, the holders have realized a whopping $650 billion in profit across the cycle. From the chart, it’s visible that the same number stood at around $550 billion for the previous cycle, $100 billion lower.
This puts into perspective the scale of gains that the Bitcoin investors have taken so far. That said, while the total Realized Profit has hit a large number, the short-term trend is that of a decline in profitability.
The latest spike in the Realized Profit occurring earlier in the year was significantly smaller in scale than both the selloffs from 2024. Since this profit-taking spree, the indicator has been heading down.
At the time of writing, Bitcoin is floating around $106,800, up 1% over the last seven days.
