Bitcoin short-term holders shift from capitulation to profit-taking as BTC surges to $77K

On-chain data show short-term Bitcoin holders have shifted from capitulation to active profit-taking as BTC climbed to roughly $77,000. That behavior reversal is driving a meaningful uptick in realized gains among recent entrants and reducing the pool of deeply underwater short-term positions. The immediate implication is increased near-term selling pressure that could cap further upside or force consolidation, while simultaneously de-risking the market and lowering the chance of a sharp capitulation-driven decline.