Bitcoin’s Net Realized Profit has declined to levels last seen in March 2022.
Net Realized Profit measures how much profit investors are actually locking in on-chain.
When this metric falls, it shows that profit-taking activity is slowing, not increasing.
In March 2022, similar levels appeared after a long distribution phase, when selling pressure began to fade and the market shifted from emotion to consolidation.
What stands out today is context.
Despite Bitcoin trading at significantly higher prices than in 2022, realized profits are at the same level, suggesting:
• Fewer investors are selling aggressively
• Long-term holders remain confident
• Profit-taking is becoming exhausted
• The market is moving into a reset phase rather than a panic phase
Historically, periods of low realized profit tend to appear after major selling has already occurred, not before it starts. While short-term volatility is still possible, this data does not reflect widespread capitulation or distribution.
In simple terms, the market is quieter, more selective, and less emotional.
This is often the stage where positioning matters more than prediction.
Not financial advice.