Bitcoin holders are currently sitting on their highest unrealized profit margin since June 2025, as BTC rallies to a three-month high. Daily realized profits have surged to levels last seen in December 2025, indicating increased profit-taking by traders. Analysts note this shift marks a structural inflection point from previous net losses, though spot demand remains in contraction.
Bitcoin holders are sitting on their highest unrealized profit margin since June 2025 as BTC rallies to a three-month high. The asset has surged 37% since the beginning of April, driven by easing macro pressures, prior undervaluation, and a sharp increase in perpetual futures demand.
On May 4, Bitcoin holders realized daily profits of 14,600 BTC, a level not seen since December 10. According to a report, this marks the highest profit realization since December 2025, when BTC traded above $90,000. The short-term holder spent output profit ratio has remained above 1.00 since mid-April.
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 follows a period of heavy net losses in February and March, when investor realization fell as low as -398,000 BTC. Analysts stated, “The shift from net loss realization to net profit realization is a structural inflection point in bear market dynamics.”
The current 30-day net profit figure remains far below the 130,000–200,000 BTC threshold associated with bull markets. Meanwhile, perpetual futures demand has continued to expand, sustaining the 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.
