#Bitcoin has seen a sharp rise in the on-chain Realized Profit metric this month. This is a common mid-cycle phenomenon that we saw in 2015/2016 and 2019 (top chart, red circles).

It is more important to calculate the realized profit metric in terms of market capitalization (bottom chart).

Conclusion: it is less significant than in previous cycles. However, it is important to monitor whether moods worsen further.

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