Bitcoin bears likely view $80,000 as a profit-taking area, but onchain data suggests the opposite.
Bitcoin’s net realized profit, the metric that tracks the dollar value of coins sold above their original purchase price across the network, rose to $207.56 million on Sunday, the highest reading in a month, per data from onchain analytics firm Santiment.
The print arrived as bitcoin briefly crossed $80,000 for the first time since January before reversing to $79,000 late Monday and rising above $80,000 again in Asian morning hours on Tuesday.
Realized profit increases during a rally—rather than a selloff—are signs that holders are sitting on gains realizing profits and that newer entrants are entering the market at current levels.
The cost basis suggests a change in the underlying market structure.
Cost basis refers to the price at which a holder originally purchased their coins and it shapes how they react to future price movements. Old holders who cashed out on Sunday transferred their coins to buyers willing to pay around $80,000, raising the average entry price across the network.
It thickens the layer of holders whose break-even point is close to the current level, and they tend to be most likely to panic if prices fall. New buyers at are unlikely to fall for a routine withdrawal since they have just entered.
The size of the move also fits the bullish reading. The $207 million print is a one-month high, not an all-time high. True cycle tops produce realized profit events that rise into the multi-billion, after which the market typically rolls over in a matter of days.
The onchain reading is consistent with the options market positioning that CoinDesk reported earlier on Tuesday.
Volatility markets did not chase the breakout as traders still pay more to protect against a drop than to bet on a sharp move higher, showing the broader market remains cautious.
But options desks are also seeing demand for cheap call ratio trades, a structure that works best if bitcoin continues to climb steadily without exploding through a higher strike. This suggests that directional traders remain cautious, while more sophisticated options flow positions themselves for a steady grind higher.
Whether the breakout extends depends on the macro band that the on-chain data can’t see, with the Iran-US ceasefire. Strategy, which reports earnings later on Tuesday, falls on Friday as April nonfarm payrolls decline. Any of these can override what the chain is signaling.
