According to CryptoQuant, Bitcoin holders realized 14,600 BTC in daily profits on May 4, the highest level since December 10, 2025, amid a recent price rally that has driven BTC up over 20% since the start of April. The Short-Term Holder Spent Output Profit Ratio (STH-SOPR) rose to 1.016 and has remained above 1.00 since mid-April, indicating that short-term holders are consistently selling at profit.
CryptoQuant’s head of research, Julio Moreno, classified the move as a “bear market rally” despite the 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. However, current profit levels remain far below the 130,000-200,000 BTC range historically associated with confirmed bull market transitions, reinforcing the bear market rally classification. Bitcoin is currently trading around $80,180.
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