Glassnode： Bitcoin's recent pullback is a cooling phase, and the bull market is far from over

Odaily Planet Daily News: According to a recent report by Glassnode, Bitcoin's recent pullback reflects a cooling phase, but the relatively low level of investor pressure indicates that the bull market is far from over. The report points out that the number of BTC currently in a floating loss state fluctuates between 2 million and 3.5 million, far lower than the 4 million during the mid-2024 low point, indicating that the market situation is not so bad. In contrast, the number of BTC with floating losses recorded in early bear market history ranged from 4 million to 8 million. The Market Value to Real Value (MVRV) ratio is an important indicator for measuring unrealized profits in the market, currently at 1.32. This indicates that Bitcoin holders have an average floating profit of 32%. Although the market has fallen from its peak, this indicator indicates that market sentiment is generally optimistic. The report also points out that historical analysis shows that the peak of MVRV decreases with each consecutive market cycle, reflecting the increasing maturity of the Bitcoin market and the decreasing speculative intensity. For example, the high point of MVRV reached 8.07 in 2011, but has dropped to 2.78 by 2024. At present, the trading price of Bitcoin is above the one-year average of $90900, but below the bullish upper limit of $112600, indicating that the market is still in a bullish phase. In addition, the report also points out that the market behavior of Bitcoin has changed over time. The decrease in volatility, increased institutional participation, and the demand for new spot stocks driven by ETFs have contributed to a more stable market structure. Despite current adjustments, indicators indicate that the Bitcoin market remains resilient and the overall outlook is optimistic.