Bitcoin has reached a new all-time high, surpassing $90,000, leading to an influx of new participants in the market. This spike is indicated through various metrics such as the increase in Unspent Transaction Output (UTXO) Age Bands, suggesting the engagement of new purchasers. The movement of Bitcoin between addresses is generating profits for sellers, indicating a positive market momentum. Long-term Bitcoin holders remain unaffected by the price increase, but there is a potential risk as the derivatives market becomes overleveraged. Investors are turning to derivatives, particularly options markets, and betting on the continuation of Bitcoin's price rise. This increase in leveraged positions highlights a potential "mania phase" characterized by volatility, speculation, and excitement.



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