- Bitcoinโs strong piece performance has charted interesting trends reminiscent of the 2021 bull run.
- The percentage of profitable Bitcoin holders has hit an all-time high, hinting that the market is in the early stages of a Bull run.
- However, there is one metric that implies that we have yet to enter a bull market.
Bitcoin’s performance has been nothing short of historic. In just a quarter, it catapulted from $23,000 to a 60% surge, marking a phenomenal comeback. While experts attribute this surge to institutional interest, the story goes beyond.
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As Bitcoin maintains its remarkable performance, on-chain and investor data unveil intriguing trends reminiscent of the 2021 bull run, prompting a critical question: Are we witnessing the dawn of a new bull run?
Bitcoin Investors’ Euphoria Continues to Grow
In its latest report, data aggregator Glassnode unveiled a distinctive shift in Bitcoin accumulation across all wallet sizes since October. The driving forces? Bitcoinโs market performance and the increasing hopes surrounding a potential spot BTC ETF.
As a result, the growing confidence has propelled the percentage of supply in profit to 83% of the total circulating supply. Glassnode deems this historically significant, surpassing the all-time mean value of 74%, which suggests the market is teetering on the edge of a bull market’s ‘Euphoric phase.’
However, before holders can celebrate, a crucial nuance surfacesโ Unrealized profit percentages have yet to reach a statistically significant level coincident with the heated stages of a bull market. Traditionally, in the Euphoric phase, average holders revel in unrealized profits exceeding 60%, but presently, they stand at 49%.
Nevertheless, Glassnode asserts that investors are fully committed to Bitcoin. Long-term holders are hitting unprecedented highs, while short-term holders are dwindling to all-time lows, implying that the market is poised for exciting times.
On the Flipside
- Bitcoin miners recently generated an all-time high figure of $44 million in daily rewards.ย
- Experts anticipate a 90% chance of the SEC approving a Spot ETF by early January.
Why This Matters
Bitcoin holders worldwide are anticipating a massive breakout, with sights set on the asset reaching $100,000. There are many factors, including the potential ETF approval, the Bitcoin halving, and more, that suggest that the stage is set for Bitcoinโs ascent.
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