While Bitcoin (BTC) has continued to climb during what many analysts describe as a bear-market rally, traders and investors have stepped up profit-taking. Realized daily profits have reached levels not seen since early December 2025, and unrealized gains sit near values historically linked with intensified distribution and increased selling pressure.
According to a CryptoQuant report, BTC has rallied roughly 37% since the start of April. That advance was driven by easing macroeconomic pressures, a period of prior undervaluation, and a sharp rise in demand for perpetual futures. Together these factors pushed the leading digital asset to price highs not observed over the previous three months.
Bitcoin Profit-Taking Surges
On May 4, Bitcoin holders realized daily profits totaling 14,600 BTC, a figure not seen since December 10, 2025. This represents the largest single-day profit realization since late 2025, when BTC traded above $90,000. As more traders returned to profitable positions, the short-term holder (STH) spent output profit ratio (SOPR) moved above 1.016 and has remained above 1.00, indicating realized gains across newly spent coins. The SOPR metric has been in profitable territory since mid-April.
CryptoQuant analysts point out that historical patterns show heightened realized profits at key resistance levels tend to precede either local market tops or extended consolidation phases. In other words, the current wave of profit-taking could signal that the market is approaching a short-term peak or entering a period of sideways price action.
Measured on a 30-day rolling basis, Bitcoin holders are realizing net profits of at least 20,000 BTC for the first time since December 22, 2025. That shift follows a period of substantial net losses in February and March, when net investor realization plunged as low as -398,000 BTC. The reversal from sustained losses to consistent profits marks a notable change in market behavior.
“The shift from net loss realization to net profit realization is a structural inflection point in bear market dynamics. The crossing back into positive net territory reflects the degree to which the April–May price rally has restored profitability across the holder base,” analysts commented.
Spot Demand Still in Contraction
Despite the 30-day net profit figure, current net realized gains remain well below the 130,000–200,000 BTC range typically associated with bull-market conditions. At the same time, unrealized profit margins are the highest seen since June 2025. Historically, elevated unrealized profits raise the incentive for holders to take profits and therefore increase the risk of a correction.
Perpetual futures demand has continued to expand, maintaining the speculative tailwinds that helped fuel April’s rally. By contrast, spot demand appears to be in contraction—though less severe than the contraction observed in early 2026. With exchange inflows muted, the present market structure suggests meaningful correction risk remains, but it has not yet reached the breadth and intensity typical of a distributional peak.
In summary, the April–May rally has restored profitability for many market participants and triggered substantial realized gains. That recovery in profitability is an important turning point in this bear-market cycle, yet prevailing levels of unrealized profit and the ongoing speculative leverage in futures markets indicate a heightened possibility of near-term consolidation or correction. Traders and investors should weigh these dynamics carefully when making positioning decisions, as short-term upside momentum coexists with structural indicators that historically precede pullbacks.