The article discusses various on-chain metrics that provide insights into Bitcoin's current position and potential trajectory. The MVRV Z-Score, which compares market cap with realized cap, suggests that Bitcoin is not overheated and has room for further price growth. The Puell Multiple, which evaluates miner profitability, indicates that we are still in the early to middle stages of the bull market. The Net Unrealized Profit and Loss (NUPL) metric shows that Bitcoin is currently in the 'Belief' zone and has ample room for price appreciation. The percentage of Bitcoin held for over a year remains high, indicating a relatively nascent phase of the bull run. The Coin Days Destroyed metric suggests that whales and smart money are not yet realizing significant profits. Overall, the on-chain metrics suggest that Bitcoin is far from overheated and there is room for growth, although a transition into the mid to late-cycle phase may occur in the future.



Other News from Today