📊 #Glassnode report:

▪️ $BTC 's strong market performance over the past 12 months is supported by notable growth in both spot trading volumes and on-chain flows, related to exchanges;

▪️ Profit taking is cooling down in recent weeks;

▪️ The balance of wealth is roughly balanced between long-term holders and new demand, suggesting that the “euphoria” phase is still relatively early from a historical point of view.