In brief
- Realized profits have fallen 50% since July, signaling restrained selling pressure.
- Long-term holders’ profit margins remain well below overheated cycle levels.
- Derivatives traders are clustering around $120,000 call options, reinforcing bullish sentiment.
Bitcoin’s push to new record highs this week isn’t letting up, with on-chain data and derivatives activity revealing a market built on stable foundations rather than speculative excess.
The current market run still has momentum as profit-taking remains below prior cycle peaks despite Bitcoin setting numerous all-time highs this year, according to CryptoQuant’s latest weekly report.
Kicking off what has historically been Bitcoin’s strongest month, dubbed “Uptober,” the original crypto has sparked a broad market rally, with capital rotating into older altcoins.
Questions now arise over the sustainability of the historic run for digital assets—a peek at on-chain data tells the story.
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Author: Akash Girimath
