Bitcoin rebounded strongly this quarter after declining for three consecutive quarters, recording its biggest quarterly gain since the fourth quarter of 2024. CoinDesk data showed that investors took profits, but on-chain net realized profit and loss reached $2.4 billion, well below the $7 billion to $10 billion in daily realized profits seen during previous bull markets. The comparatively limited profit-taking suggests investors have not reached the level of distribution associated with earlier market peaks, although the data does not by itself establish the market's next direction.