Bitcoin's $BTC on-chain numbers and the recent profit-taking actually looks pretty healthy to me. On a 7-day average we're only seeing about $612 million in net realized profits, which is mild compared to the last cycle. This kind of short breather is exactly what we got coming out of the 2023 bear market, so nothing alarming here. If anything, profits returning to the market should just make holders more confident and pull in some fresh capital. $ETH

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