Short-term holders will realize about US$ 700 million in profit on the first leg of the rally.🚨

Weak hands leaving before the move has even had a chance to confirm on bitcoin.

This is the biggest realization peak since July 2025, and it showed up right at the start of the rally—not near the top.

The prior pattern shows the opposite: in January 2025 and July 2025, realization peaks came after months of accumulated gains, when the price was already stretched.

Anyone who bought near the July bottom is exiting with only a few percentage points in profit.

This is the classic behavior of people who entered without conviction and treat any rally as an opportunity to escape at emotionally flat “zero to zero.”

This exact structure creates the "rallies of disbelief" and keeps feeding further rallies. I’ll explain this in detail in today’s analyses.