Bitcoin is maintaining a price above $90,000, but there is a notable phenomenon: current profit-taking is much lower than in previous cycles. This raises the question: What are Bitcoin investors expecting?
1️⃣ Realized Profits: Past vs. Present
Look at the realized profit figures in previous cycles for comparison:
March 2024: Realized profits peaked at $9.45 billion.
2021 bull cycle: Frequently exceeded $6 billion.
2017 bull cycle: Reached $4.16 billion.
Currently:
When Bitcoin surpassed $80,000, realized profits only reached $3.5 billion – significantly lower than previous cycles.
Even at the price of $90,000, realized profits only reached $4 billion.
Notably, this figure is even lower than in October 2024, when the price of Bitcoin was $62,000, but realized profits reached $5.26 billion.
Conclusion: Investors are not rushing to sell, even though Bitcoin prices are at record highs.
2️⃣ Investor Sentiment: Patience is Key
On-chain data indicates a significant change in investor sentiment:
History shows: When Bitcoin peaks, most investors are in profit and often seize the opportunity to take profits.
Currently: Investors choose to hold their positions, expecting even higher prices instead of selling quickly.
This shows strong confidence in Bitcoin's long-term potential in the current cycle.
3️⃣ What is Changing?
(1) Confidence in Market Sentiment
In previous cycles, FOMO often drove a wave of profit-taking when prices peaked.
Currently, investors have a more confident mindset and are not under immediate selling pressure.
(2) Expectations for Higher Price Milestones
Whenever Bitcoin sets a new peak, investors consider higher price milestones as a feasible reality rather than just a dream.
This makes them willing to hold their positions and patiently wait.
4️⃣ What Are Bitcoin Investors Aiming For?
Based on data and market sentiment, it can be predicted:
1️⃣ Expectations for new price milestones
With the involvement of major institutions, cash flow from ETFs, and supportive macro factors, investors believe that Bitcoin could reach $100,000 or higher.
2️⃣ Time is the biggest advantage
Instead of short-term profit-taking, they understand that substantial profits will come to those who are patient.
This is the strategy of long-term investors, placing trust in sustainable growth.
Conclusion: Where are we in the cycle?
Unusually low realized profits indicate a significant difference in this cycle: market sentiment has changed.
Instead of chasing short-term volatility, investors are holding their positions, expecting unprecedented value milestones.
If history is a guide, this may signal that a stronger bull cycle is ahead.
Patience may be the best strategy right now – because those who know how to wait often reap the greatest successes. 🚀
