Crypto Quant: The rally is here - and traders are cashing out.
From February through late April, realized profits were flat.
Then the price hit $80k - and a big spike emerged. 14,000 Bitcoin in profits taken in a single day, "the highest since December."
"We have high unrealized profits, but now they are starting to actually take profits."
High unrealized profits plus actual profit-taking starting to emerge.
That's a signal that a local top could be near.
FT
@jjcmoreno @CryptoQuant_com @LGDoucet