Bitcoin is at an all-time high: the asset's value has surpassed $118,000, marking a new historic record. Data suggests this rise may be supported by sustainable trends.
Potential for Further Growth
Despite the new record, on-chain data indicates that the current rally is not overheated. The MVRV ratio stands at 2.2, lower than previous peaks in March and December 2024. The reduction of short-term holders to 15% points to a cautious investor approach.
Traders Are Holding Tight
Market analysis shows that while Bitcoin has risen nearly 20% since late June's low, traders are not rushing to move their assets back to exchanges. In the last four months, exchange balances have dropped by 315,830 BTC, a 21% decrease.
Uniqueness of the Current Growth Cycle
Current Bitcoin growth, according to analysts, may signify a structurally different bull phase. Key factors supporting this growth include strategic adoption from states and corporations. Analysts emphasize, "Analyzing on-chain data today requires deeper interpretation instead of relying on historical patterns."
The situation in the Bitcoin market indicates unique characteristics of the current cycle, which may persist without sharp ownership fluctuations. Attention to blockchain data will help better understand possible future trends.
