Bitcoin Hits New All-Time High of $111,814, On-Chain Data Suggests Sustained Bull Run

Bitcoin has experienced a dynamic journey in 2025, marked by significant upward rallies and deep corrections within a short span of months. The latest upward movement indicates a resurgence of interest and confidence in the world’s largest cryptocurrency. After surpassing its previous all-time high price this week, Bitcoin reached a new high of $111,814 on Thursday, May 22. Historically, such a fresh all-time-high price is often followed by a major correction as investors tend to take profits.

However, recent on-chain data suggests that this Bitcoin bull run might be more sustained than initially expected. On-chain crypto analyst Darkfost revealed that the net realized profits by Bitcoin investors remain normal for a bull phase. The relevant indicator backing this assertion is the Net Realized Profit/Loss metric, which measures the net profit or loss (in USD) of all coins spent on the network over a specific timeframe. This metric is calculated by finding the difference between the realized profit and realized loss of crypto investors. Positive values indicate that coins are being spent at a higher price than they were acquired, resulting in a net profit. Conversely, negative values suggest that coins are being spent at prices lower than they were bought, resulting in a net loss. Neutral values imply that coins are being spent close to their acquisition price.

According to on-chain data shared by Darkfost, realized profits are currently at a high level of about 104,000 BTC (a rough equivalent of $11 billion). The analyst noted that while this figure is substantial, it still falls short of the 350,000 BTC threshold level, which has historically signaled potential tops and preceded major correctional movements of Bitcoin. Darkfost inferred from the highlighted data that the net realized profit for a Bitcoin bull phase is currently at a normal level. The analyst emphasized the necessity of profit-taking in a bull market, suggesting that it keeps investors engaged and helps sustain the bullish momentum.

As of the latest update, Bitcoin is valued at around $108,360, reflecting a more than 2% decline in the past 24 hours. Despite this recent dip, the overall sentiment remains optimistic, with many analysts predicting that the upward trend could continue. The current on-chain data supports the idea that the market is not yet at a point of saturation, and there is still room for further growth. This analysis aligns with the broader market sentiment, which has been buoyed by increasing institutional interest and regulatory clarity in various regions.