CryptoQuant: Bitcoin Correction Near as Trader Unrealized Profit Hits 21-Month High

The signal here is about composition of the rally as much as its size: profit is concentrated in short-term holders, the cohort most likely to crystallise gains, rather than in longer-term hands. That makes the market's near-term path unusually dependent on whether this newer demand absorbs selling or joins it. CryptoQuant's own framing is a probabilistic warning, not a timing tool, so the metric's persistence above prior peaks is the open question — as is whether spot demand keeps matching the supply that profit-taking would release.