While bitcoin (BTC) has continued to rise in what analysts have called a bear market rally, traders and investors have increased their profit-taking. Daily realized profits have risen to levels not seen since early December 2025, while unrealized profits hover near levels historically associated with intensified distribution.
According to a CryptoQuant report, BTC has surged 37% since the beginning of April. The rally has been driven by a combination of easing macro pressures, prior undervaluation, and a sharp increase in perpetual futures demand. Amid the rally, the leading digital asset has reached a peak not seen in the last three months.
Bitcoin Profit-Taking Surges
On May 4, Bitcoin holders realized daily profits of 14,600 BTC, a level not seen since December 10. This marks the highest profit realization since December 2025, when BTC traded above $90,000. With traders back in profitable territory, the short-term holder (STH) spent output profit ratio (SOPR) has risen above 1.016, holding above 1.00. The metric has been in profitable territory since mid-April.
CryptoQuant analysts insist that historical data show that increased realized profits at key resistance levels precede local tops or sustained consolidation phases. This suggests that the Bitcoin market could witness either of the two outcomes after the ongoing rally.
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. This trend follows a period of heavy net losses in February and March, during which investor realization fell as low as -398,000 BTC.
“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 stated.
Spot Demand Still in Contraction
Despite traders being on a 30-day net profit of 20,000 BTC, the figure remains far below the 130,000–200,000 BTC threshold associated with bull markets. At the same time, they are sitting on their highest unrealized profit margin since June 2025. Unfortunately, this level historically indicates elevated correction risk, as there is a greater incentive to lock in profits.
Meanwhile, perpetual futures demand has continued to expand, sustaining the same speculative environment that triggered April’s rally. Spot demand remains in contraction, but at a milder level than early 2026. Combined with muted exchange inflows, the current market environment carries significant correction but has not reached a distributional peak.
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