According to Glassnode, Bitcoin's net realized profit/loss reflects the overall profitability of on-chain trading. Year-to-date volatility in the indicator has increased, peaking at Quarter 1, when Bitcoin surged above $70,000. Despite this rally, the indicator stabilized in the second half of 2024, indicating a balance between profits and losses as the market matured after the halving. Notes: Net realized profit/loss is the net profit or loss of all mobile coins, defined by the difference between realized profit and realized loss.