#BTC Where it is now, based on the periodic table, is “bear market season.” But on-chain data shows that 82% of addresses are in profit, UTXO profitability is 80%, and supply profitability is 71%. These numbers are rare in a bear market.
A more reasonable explanation is that the market is pricing in expectations for the next cycle in advance, rather than still digesting the drawdown from the previous cycle. You can use cycles as a reference, but don’t use them to define where we are right now.
A more reasonable explanation is that the market is pricing in expectations for the next cycle in advance, rather than still digesting the drawdown from the previous cycle. You can use cycles as a reference, but don’t use them to define where we are right now.
