Bitcoin is currently trading at around 113,000 USD, with a realized market capitalization of (realized cap) that continues to grow steadily. Spending activities are mainly concentrated on coins with a maturity of less than three months. Take profit operations are still actively carried out, with short-term traders fluctuating around breakeven points, while there are almost no signs of distribution in long-term supply. On August 20, Bitcoin closed at 113,599 USD, with a weekly decline of 7.9%, and a 30-day drop of 3.3%, but still recorded a 1.7% rise over 90 days. The liquidity in the spot market has cooled down, with an average daily trading volume of 2.68 billion USD over the past 7 days, lower than the 30-day average of 2.88 billion USD. This decline reflects the weak performance of last week, but on-chain data indicates that selling activity is orderly, aimed at realizing profits rather than panic selling. The actual market capitalization and the actual profits of Bitcoin currently reach 104 billion USD, increasing by 8.98 billion USD over the past 7 days and by 34.85 billion USD over the past 30 days. These figures are almost consistent with the realized profit/net loss (NRPL). • 7 Day NRPL: 8.59 billion USD • NRPL 30 days: 3.325 billion USD There is a slight gap of about (390 million USD within 7 days, and 1.6 billion USD within 30 days, corresponding to the value of newly issued block rewards. With a reward level of 3.125 BTC per block, an average of 450 BTC is mined daily, equivalent to 366 million USD over 7 days and 1.58 billion USD over 30 days. This indicates that the increase in actual market capitalization can be fully explained by realized profits and miners' issuance, with no anomalous factors.