Bitcoin on-chain profit-taking remains in the neutral zone

The net realized profit and loss (NRPL) indicator for Bitcoin (BTC) is currently at a neutral level, suggesting that market participants’ profit-taking and unrealized losses are in balance. Following recent price recovery, BTC is now positioned at $92.27K, transitioning into a stabilization phase after the fluctuation period in late November.

Market Sentiment Indicated by Profit-Taking Metrics

According to on-chain analysis, the fact that realized profit and loss remain in a neutral zone is not just a technical stability but an important signal indicating a turning point in investor psychology. The current situation where realized gains and losses are balanced implies differing outlooks on price among short-term traders and long-term holders.

The Next Turning Point for Trend Reversal

Market participants see the ongoing question as whether the NRPL will continue to stay above zero or shift into negative territory, which will be a key indicator influencing future price movements. Movements in this indicator often signal the end of a consolidation phase and the beginning of new volatility, serving as a warning level for traders.

From the current on-chain data, it can be read that the market is still in an equilibrium state without a clear direction, waiting for the next major price movement trigger.