CryptoQuant: Amid a "bear market rally," profit-taking pressure on Bitcoin may further intensify.

CoinFeed reported on May 9th that, according to The Block, on-chain analytics firm CryptoQuant stated that Bitcoin has risen over 20% since early April to a three-month high, but research director Julio Moreno still views it as a "bear market rally." He pointed out that Bitcoin holders achieved an average daily profit of 14,600 Bitcoins on May 4th, the highest level since December 10, 2025, and the short-term holder payout-to-profit ratio has consistently been above 1.00 since mid-April, indicating that the market has entered a "clear profit-taking zone." Moreno stated that the 30-day rolling net profit has reached +20,000 Bitcoins, the first positive turn since December 22, 2025, marking a structural inflection point in the bear market dynamics. However, this level is far below the typical 130,000 to 200,000 Bitcoin range during bull market confirmation periods.