CryptoQuant warns of potential Bitcoin correction as profits peak

Bitcoin holders have been cashing in at a pace not seen in months, and the on-chain analytics firm CryptoQuant thinks the market should pay attention. The company flagged a confluence of signals: surging realized profits, cooling spot demand, and a persistently negative Coinbase Premium Index that together suggest a correction could be on the table. CryptoQuant is careful to note that none of this guarantees a slide into bear territory. But the pattern rhymes uncomfortably with dynamics observed during the 2022 downturn, when speculative rallies repeatedly fooled participants into thinking the worst was over. Profit-taking hits multi-month highs On May 4, daily realized profits hit 14,600 BTC, the highest level since December 10, 2025. By mid-August, daily realized profits peaked in the range of 23,000 to 25,700 BTC, contributing to roughly 110,000 BTC in net realized profits since mid-August alone. Unrealized profit margins reached 17.7% in early May, the highest reading since June 2025. By September, that figure had ballooned to 33%. US spot demand tells a different story The Coinbase Premium Index, which tracks the price difference between Coinbase (a proxy for US spot buyers) a...