Bitcoin bears likely consider $80,000 as an area to take profits around, but onchain data suggests it is the opposite.

Bitcoin’s net realized profits, the metric that tracks the dollar value of coins sold above their original purchase price across the network, spiked to $207.56 million on Sunday, the highest reading in a month, per data from onchain analytics firm Santiment.

The print arrived as bitcoin briefly crossed $80,000 for the first time since January before reversing to $79,000 late Monday and rising above $80,000 again in Asian morning hours Tuesday.

Realized profit spiking during a rally — rather than a sell-off — is indicative of holders sitting on gains realizing profits and newer participants entering the market at current levels.

The cost-basis suggest a change in the underlying market structure.

Cost basis refers to the price at which a holder originally bought their coins, and it shapes how they react to future price moves. Old holders cashing out on Sunday transferred their coins to buyers willing to pay around $80,000, which raises the average entry price across the network.

That thickens the layer of holders whose break-even point sits close to current levels, and they tend to be the most likely to panic if prices drop. New buyers at are unlikely to dump on a routine pullback as they just got in.

The size of the move also fits the bullish read. The $207 million print is a one-month high, not an all-time high. Genuine cycle tops produce realized profit events that climb into the multiple billions, after which the market typically rolls over within days.

The onchain read aligns with the options-market positioning that CoinDesk reported earlier Tuesday.

Volatility markets did not chase the breakout, as traders are still paying more to protect against a drop than to bet on a sharp move higher, which shows the broader market remains cautious.

But options desks are also seeing demand for cheap call ratio trades, a structure that works best if bitcoin keeps climbing steadily without exploding through a higher strike. This suggests directional traders remain cautious while more sophisticated options flow is positioning for a steady grind higher.

Whether the breakout extends depends on the macro tape that the on-chain data cannot see, with the Iran-U.S. ceasefire fraying. Strategy reporting earnings later on Tuesday the April nonfarm payrolls print dropping Friday. Any of those can override what the chain is signalling.