With net realized profit turning positive, the focus now shifts to whether buy-side liquidity is strong enough to absorb increasing long-term holder distribution.

The 14-day SMA of Realized Profit from holders with supply older than one year has risen to roughly $180M/day following the rally — levels comparable to September 2024 and December 2022.

Long-term holders are increasingly taking profits, making sustained demand crucial for continuation higher.

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