Bitcoin's recent price surge above $74,000 has led to an increase in profit realization among short-term holders. According to on-chain data from Glassnode, the Realized Profit of these investors has spiked to $18.4 million per hour.
The trend is consistent with previous market rallies, where short-term holders have absorbed momentum before a breakout can develop. This may indicate that the current rally's fate will be similar to other recent attempts at recovery.
Meanwhile, the crypto Fear & Greed Index has dropped into fear territory, suggesting a bearish market sentiment. The index value of 28 indicates a pessimistic outlook among traders, despite the price surge above $75,000.