Glassnode: The recent pullback of BTC is a cooling-off phase, and the Bull Market is far from over.

According to a recent report by Glassnode, the recent pullback of BTC reflects a cooling-off phase, but the relatively low investor pressure levels indicate that the Bull Market is far from over. The report pointed out that the current amount of BTC in a floating loss state fluctuates between 2 million and 3.5 million, far below the 4 million during the mid-term low point in 2024, indicating that the market conditions are not so bad. In contrast, the amount of BTC in floating loss recorded in the early bear market history ranged from 4 million to 8 million. The Market Value to Realized Value (MVRV) ratio is an important indicator for measuring unrealized profits in the market, currently at 1.32. This indicates that BTC holders have an average unrealized gain of 32%. Despite the market pullback from its high point, this indicator suggests that market sentiment remains largely optimistic. The report also pointed out that historical analysis shows that MVRV peak decreases with each consecutive market cycle, reflecting the increasing maturity of the BTC market and the decreasing speculation intensity. For example, the MVRV high point reached 8.07 in 2011, but had fallen to 2.78 by 2024. Currently, the trading price of Bitcoin (BTC) is higher than the 1-year average of $90,900 but lower than the bullish upper limit of $112,600, indicating that the market is still in a bullish phase. In addition, the report also pointed out that the market behavior of BTC has changed over time. The decrease in volatility, the increase in institutional participation, and the new spot demand driven by ETF have contributed to a more stable market structure. Despite some adjustments at present, the indicators indicate that the BTC market remains resilient, and the overall outlook is optimistic.