According to CryptoQuant, Bitcoin holders realized 14,600 BTC in daily profits on May 4, the highest level since December 10, 2025. The move comes as Bitcoin has risen over 20% since the start of April to a three-month high, though CryptoQuant’s head of research, Julio Moreno, characterizes the rally as a “bear market rally” rather than a structural bull market transition. The Short-Term Holder Spent Output Profit Ratio (STH-SOPR) rose to 1.016 and has remained above 1.00 since mid-April, indicating broad profit-taking activity. On a 30-day rolling basis, Bitcoin holders are realizing +20,000 BTC in net profits, the first positive reading since December 22, 2025, following heavy net losses in February and March.
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