On-chain analytics firm CryptoQuant has explained how there aren’t any signs of a Bitcoin price peak yet, based on this indicator.
The metric works by going through the transaction history of each token being spent to see what price it was moved at before this. If this previous selling price for any coin was less than the spot price it’s now being transacted at, then the token’s sale is assumed to be leading to the realization of some net profit.
The degree of profit realized is naturally equal to the difference between the two prices. In tokens of the opposite case (that is, the last price is higher than the latest spot BTC value), the sale realizes a loss instead.
In the context of the current discussion, the version of the Net Realized/Profit Loss that’s of interest is specifically the 1-year sum, denominated in BTC. Below is the chart for the metric that shows how its value has fluctuated over the past few years.
After the January peak, however, the metric reversed course and started going down instead. This decline in profit realization was a result of the bearish price action that the cryptocurrency faced in the first few months of the year.
Though this value is significant, it’s clearly lower than the January 2025 top. This earlier peak itself was still lower than the 7.7 million October 2021 high from the previous cycle.
“Bitcoin’s rally still looks intact,” notes CryptoQuant based on the trend. “No signs yet of a price peak.” It now remains to be seen how BTC’s price action will look in the near future and whether the Net Realized Profit/Loss will observe any shift.
Bitcoin has been down since setting its ATH above $126,000, as its price currently floats around $122,700.
