Bitcoin Realized Profits At Normal Levels —  BTC Upward Run To Continue?

Bitcoin has had an interesting run so far in 2025, embarking on exciting upside rallies and enduring deep corrections in the space of a few months. The latest upward movement suggests the return of interest and confidence in the world’s largest cryptocurrency.

After surpassing its previous all-time high price this week, the Bitcoin price has printed a new high of $111,814 — reached on Thursday, May 22. A fresh all-time-high price is often followed by a major correction, as investors are typically inclined to take profits. 

However, recent on-chain revelation suggests this Bitcoin bull run might be here to stay — and maybe for a longer period than expected.

In a May 23 post on social media platform X, on-chain crypto analyst Darkfost revealed that the net realized profits by Bitcoin investors remain normal for a bull phase. The relevant indicator backing this assertion is the Net Realized Profit/Loss metric, which measures the net profit or loss (in USD) of all coins spent on the network over a specific timeframe. 

This on-chain metric is calculated by finding the difference between the realized profit and realized loss of crypto investors. Positive values from the metric indicate that coins are being spent at a higher price than they were acquired, resulting in a net profit. 

On the other hand, negative values indicate that coins are being spent at prices lower than they were bought, resulting in a net loss. Neutral values simply suggest that coins are being spent close to their acquisition price.

According to on-chain data shared by Darkfost, realized profits are currently at a high level of about 104,000 BTC (a rough equivalent of $11 billion). The analyst, however, pointed out that while this figure is substantial, it still falls short of the 350,000 BTC threshold level (a level which has historically signaled potential tops and preceded major correctional movements of  Bitcoin).

Darkfost inferred from the highlighted data that the net realized profit for a Bitcoin bull phase is currently at a normal level. The analyst noted the necessity of profit-taking in a bull market, implicitly preaching against fear amongst investors.

Darkfost said about profit-taking:

It’s what keeps investors engaged in the market and helps sustain the bullish momentum.

As of this writing, Bitcoin is valued at around $108,360, reflecting a more than 2% decline in the past 24 hours.