Recent data shows that the cryptocurrency market has reached a new all-time high with a total capitalization of $3.83 trillion. Despite this, short-term holders of Bitcoin are showing moderate profit indicators.
Current Situation in the Bitcoin Market
Currently, Bitcoin trades around $118,286. According to CoinMarketCap, the total capitalization of the cryptocurrency market has reached a new record of $3.83 trillion. However, the short-term holders' Net Unrealized Profit/Loss (STH NUPL) is only 13%, significantly lower than euphoria levels observed at previous peaks.
Investment Behavior of Short-Term Holders
CryptoQuant data shows that STH NUPL levels above 25% have previously triggered mass profit-taking, slowing down price growth. The current level is well below the 16% seen at the last all-time high, indicating no signs of overheating. For this metric to reach 25%, Bitcoin must rise above $137,000.
Cryptocurrency Market in Context of Public Interest
Exchange balances continue to decline, while the number of first-time BTC buyers has increased by 2.86% over the past two weeks, indicating steady capital inflows. However, Google Trends data shows declining public interest, highlighting a lack of retail-driven mania.
Thus, despite reaching a new all-time high in cryptocurrency market capitalization, the current indicators from short-term holders and the declining interest from retail investors suggest that the market has likely not entered a speculative peak stage.
