Bitcoin Realized Net Profit on-chain data indicates the size of profit/loss realized at that price range.
In a bull market, when Bitcoin reaches the peak of the past upward cycle, the scale of profit realization increases, and Bitcoin goes through a sideways or adjustment period for a while to absorb the volume.
After that, the market reaches the latter part of the bull market and sees strong gains.
Currently, Bitcoin has reached the peak of the 2021 bull market and is digesting profit realization volume.
After a correction or sideways period of about 1-2 months, we are likely to see another strong rise.
Additionally, since the strong rise of most altcoins occurs in the latter part of the bull market, 2024 is likely to be a year to look forward to for both Bitcoin and altcoins.
Written by Crypto Dan
