According to CryptoQuant, Bitcoin holders realized 14,600 BTC in daily profits on May 4, the highest level since December 10, 2025. The Short-Term Holder Spent Output Profit Ratio (SOPR) indicator rose to 1.016 and has remained above 1.00 since mid-April, signaling that short-term holders have been selling at profit. On a 30-day rolling basis, holders are realizing +20,000 BTC in net profits, the first positive reading since December 22, 2025, according to CryptoQuant’s head of research Julio Moreno. Despite the recent price rally that pushed Bitcoin up over 20% since April, Moreno characterized the move as a “bear market rally” rather than a confirmed bull market transition, noting that current profit levels remain far below historical thresholds of 130,000–200,000 BTC.
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