Bitcoin Reaches New All-Time Highs as Profitability Moderates

Bitcoin recently hit new highs of $104,000, driven by strong bullish sentiment in the market. However, recent data suggests a shift towards consolidation as realized price yield begins to decline. Despite trading near all-time highs, trading volume has decreased suggesting cautious investor behavior amidst strong buying pressure. The divergence between spot prices and profitability may indicate a potential pullback.