Bitcoin despite the high price does not signal a halt to the rising trend. The MVRV metric (Market Value to Realized Value) provides insight into investor profitability. According to the analytical portal Glassnode, this metric currently shows a average profit level of +125%. This indicates that most investors are in profit, although these values still lag behind the +180% from March 2024, when the price of Bitcoin first reached an all-time high of $73,000.

Investors hold high profits, but still do not sell

Interestingly, although unrealized profits are at a high level, the MVRV ratio is lower than during previous peaks. This discrepancy points to the fact that realized capitalization – that is, capital entering the network – grew faster than market capitalization. This means more and more capital entered the market, even though the price did not rise as quickly.

The current MVRV value suggests that the market price differs less sharply from the realized price, i.e., the price at which investors bought. This means that many investors entered the market at higher prices, which reduces their motivation to sell and at the same time leaves room for further price growth.

Such behavior may be a sign of investor confidence, who despite high profits are still refusing to sell. We can see this as a positive signal for future price development, as the potential for profit realization still exists but is not yet fully utilized.

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Bitcoin is near its high, but holders do not sell

Another interesting metric we can use is the volume of profits and losses recorded on the blockchain through real transactions. Although the price of Bitcoin is currently just a step away from the all-time high, the daily volume of realized profits remains relatively low. Currently, approximately $872 million in profits is realized daily.

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For comparison, during the March peak at $73,000, $2.8 billion in profits was realized daily. During the later peak at $112,000, it was even $3.2 billion.

This difference may indicate that investors believe in continued growth and therefore are not taking profits yet. Another possibility is that the market has changed and most holders are long-term investors who do not act impulsively. Regardless of the reason, the low rate of realized profits at high prices is unusual and may influence further development.