According to @cas_abbe, Bitcoin (BTC) holders are currently locking in significant profits, as evidenced by one of the largest spikes in realized profits onchain since the start of the current bull cycle. This data suggests strong profit-taking activity among BTC investors. Historically, such profit-taking waves indicate a pause or consolidation in the market rather than a full cycle top, providing traders with signals that short-term volatility may increase but the overall bull market structure remains intact. Source: @cas_abbe

According to glassnode, recent on-chain data shows that realized profits for Bitcoin are currently lower in magnitude, with long-term holders continuing to retain their positions while short-term traders are increasingly driving the market. This combination of reduced profit-taking and persistent long-term holding supports ongoing bullish expectations among less speculative BTC investors, suggesting potential for further upward movement in the Bitcoin price. Active short-term trading is also contributing to higher volatility, which can present new trading opportunities for crypto market participants (source: glassnode, May 22, 2025).