Recent on-chain data analysis has revealed an interesting phenomenon, suggesting that the current Bitcoin market may be in a state of bullish divergence. By observing the realized profit metric, we found that significant peaks in profit-taking occurred when Bitcoin prices reached $73,000, $100,000, and $112,000. However, surprisingly, when Bitcoin hit a historic high of $124,500, the realized profit levels were relatively low, even lower than when the price was around $110,000.

This phenomenon contains profound market insights. It indicates that when Bitcoin reached a historic high, large funds did not choose to sell off in large quantities, but rather maintained a relatively cautious attitude. This behavioral pattern has formed a typical bullish divergence signal, suggesting to market participants, especially influential large funds, that they generally believe the current price level is not the peak of this bull market, and they anticipate that the market may break through higher price levels in the future.

This financial behavior reflects investors' optimistic expectations for the future trend of Bitcoin. They seem to be preparing for higher target price levels rather than being eager to realize profits at the current price. This strategic holding behavior may indicate that market confidence remains strong, and investors believe that Bitcoin still has room for growth.

However, investors still need to be cautious. Although current data shows bullish signals, the cryptocurrency market has always been highly volatile, and external factors such as regulatory policies and the macroeconomic environment can have a significant impact on market trends. Therefore, it is crucial to remain rational and vigilant when making investment decisions.

Overall, this on-chain data provides us with valuable market insights, but investors still need to consider more factors to comprehensively assess market risks and opportunities, and develop investment strategies that suit themselves.