Glassnode analysts have declared that Bitcoin has officially entered its fourth cycle, as its price soars beyond the $70,000 mark. This surge in value has led to growing interest in the cryptocurrency, with indications suggesting a transition into the euphoria zone.
The latest on-chain data analysis reveals a remarkable increase in Bitcoin‘s Realized Cap, reaching an all-time high of $504 billion. This surge represents a substantial $40 billion influx in capital since March 1st alone. Analysts highlight that the Realized Cap is presently on an upward trajectory of $54 billion per month, approaching levels reminiscent of the early 2021 bull run. This surge underscores the notable capital inflows into Bitcoin, partly driven by the success and demand for newly approved spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission earlier this year.
Despite these positive developments, Glassnode has observed a significant level of realized profit being locked in through on-chain spending this week. This surpasses statistically high levels, drawing parallels to previous euphoric phases witnessed during the 2017 and 2021 bull markets.
