BTC’s current position, from a traditional cycle perspective, looks like the “bear market year.
But the on-chain data tells a different story.
🔹 82% of profitable addresses
🔹 80% of UTXOs are profitable
🔹 71% of the total supply is profitable
These levels are rarely seen during a typical bear market.So maybe the better way to look at it is this.The market may already be preemptively digesting expectations for the NEXT cycle, rather than simply digesting the decline from the previous one.
Cycles are useful as a reference.But they shouldn’t be used to define exactly where we are.The data matters more than the calendar.
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$BTC
But the on-chain data tells a different story.
🔹 82% of profitable addresses
🔹 80% of UTXOs are profitable
🔹 71% of the total supply is profitable
These levels are rarely seen during a typical bear market.So maybe the better way to look at it is this.The market may already be preemptively digesting expectations for the NEXT cycle, rather than simply digesting the decline from the previous one.
Cycles are useful as a reference.But they shouldn’t be used to define exactly where we are.The data matters more than the calendar.
#Write2Earn
#TrendingTopic
$BTC
