Bitcoin's realized cap has reached a record $872 billion; however, a slowing growth rate and significant profit-taking suggest a risk-off sentiment in the market. Despite the milestone, the monthly growth rate has dropped to 0.9%, indicating reduced investor enthusiasm. High profit-taking levels show a 40% decline in realized profits, hinting at saturation in investor activity. The current short-term realized price for Bitcoin is noted at $91,600, suggesting that many short-term holders are underwater and may increase selling pressure if they decide to sell to mitigate losses. Market dynamics reveal stark differences between U.S. and Korean traders, with a surge in the Coinbase premium indicative of strong U.S. demand, while the Kimchi premium displayed weakening interest from Korean retail investors. Bitcoin’s price has been fluctuating in a tight range between $85,440 and $82,750, and while it shows support on certain moving averages, it is facing resistance on longer-term charts. This current trend signifies cautiousness among investors as the market seeks new equilibrium levels.

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