From this week's Bitcoin Intelligence Report Unrealized Profit Dominance With price now trading above the cost basis of nearly all existing UTXOs, the dominance of unrealized profit has surged to extreme levels. This marks a classic late-cycle structure, where nearly every holder is in profit — a setup that often precedes waves of realized profit-taking. While this condition is inherently cautionary, it doesn’t imply immediate downside. Historically, such phases have persisted for one to several weeks, depending on the strength and persistence of demand. If momentum holds, the market can absorb the initial waves of selling. However, if inflows wane, the risk of a local top increases. This metric is essential to monitor as a real-time gauge of profit-taking pressure versus demand resilience. https://account.21stcapital.com/blog/a-tale-of-two-trumps-how-will-it-end-for-bitcoin