Bitcoin Realized Gains Stabilize — Will the BTC Uptrend Persist?

Bitcoin’s journey in 2025 has been captivating, featuring remarkable upward surges and significant downturns within just a few months. The recent rise indicates a resurgence of interest and trust in the leading cryptocurrency.

Having exceeded its prior peak earlier this week, Bitcoin reached a new high of $111,814 on Thursday, May 22. Typically, a new all-time peak is accompanied by a significant pullback as investors often decide to secure profits.

Nonetheless, recent insights from on-chain data imply that this Bitcoin rally might have the potential to be more sustained and prolonged than initially anticipated.

Analyst Claims Realized Profits Not Yet Indicating Market Peak

In a post dated May 23 on social media platform X, on-chain analyst Darkfost highlighted that the net realized profits among Bitcoin investors remain consistent with a bullish market phase. The primary indicator supporting this claim is the Net Realized Profit/Loss metric, which quantifies the overall profit or loss (in USD) from coins transacted on the network over a defined period.

This metric is derived by calculating the disparity between the realized gains and losses of cryptocurrency investors. Positive readings indicate that coins are being exchanged at prices exceeding their purchase costs, leading to net profits.

Conversely, negative readings suggest that coins are being sold at lower prices than they were bought, resulting in net losses. Neutral values imply that coins are being traded at prices close to their acquisition costs.

Data shared by Darkfost reveals that realized profits currently stand at a significant level of about 104,000 BTC, roughly valued at $11 billion. However, the analyst pointed out that this amount is still below the 350,000 BTC threshold, a mark that has historically indicated potential market tops and preceded notable downturns in Bitcoin’s value.

Darkfost concluded from the analyzed data that the net realized profit during this Bitcoin bullish phase is at a typical range. The analyst emphasized the importance of profit-taking in a bull market, reassuring investors not to panic.

Regarding profit-taking, Darkfost stated:

It’s essential for keeping investors active in the market and maintaining bullish momentum.

Current Bitcoin Price Overview

At present, Bitcoin is trading at approximately $108,360, reflecting a decrease of more than 2% over the last 24 hours.