Bitcoin Unrealized Profit Hits 17.7%, Highest Since June 2025, Raising Selling Pressure Risk

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Bitcoin investors’ unrealized profit has climbed to its highest level in about a year, increasing the risk of heavier selling pressure, according to on-chain analytics firm CryptoQuant.

In a weekly report published May 13, CryptoQuant said investors’ unrealized profit rose to 17.7% on May 5, the highest level since June 2025. Investors holding large paper gains have greater incentive to sell, lifting the risk of selling pressure, the firm wrote. It said the current level resembles March 2022, when Bitcoin tested its 200-day moving average before resuming its decline.

Some investors have already begun taking profit, according to CryptoQuant. Daily realized profit jumped to 14,600 Bitcoin on May 4, the highest level since December 2025. Historically, spikes in realized profit of that size have appeared ahead of short-term tops during bear-market rallies. That pattern reflects short-term holders who recently returned to profit accelerating sales into price strength, it added.

CryptoQuant also pointed to demand from U.S. institutional investors. The Coinbase Premium Index turned negative late last month and has remained below zero, signaling weaker demand from U.S. investors as Bitcoin neared $80,000. In past sustainable rallies, a prolonged period of positive readings in the index acted as a precondition. The absence of that signal suggests the current rise lacks broad conviction from U.S. institutional investors.

CryptoQuant identified about $70,000 as the key on-chain support level if prices correct. That level corresponds to investors’ on-chain realized price, it said. The firm added that in past bear markets, the zone often marked the point where major resistance turned into support. At that level, unrealized profit tends to move back toward zero, reducing additional selling pressure.