According to CoinMeta, CryptoQuant CEO Ki Young Ju indicates that early Bitcoin holders in this cycle have achieved the highest trading profits ever. Unlike in previous cycles, users of crypto exchanges did not become the main source of liquidity exit. Instead, ETF and digital asset treasury companies (DAT) took on more sell orders, driven by structural buy orders. The unrealized profits of Binance traders once approached three times the level at the peak of the 2021 cycle.