Bitcoin's recent all-time high has attracted new market participants, as evidenced by the sharp rise in UTXO Age Bands. This suggests increased market activity, with a significant portion of participants currently in profit, as shown by the UTXO profit percentage. Despite this, long-term holders are maintaining their positions amidst an increasingly overleveraged derivatives market. The Spent Output Profit Ratio remains positive, indicating profitable token movements. Additionally, a potential mania phase is emerging, highlighted by a surge in options market call contracts over the past two months. Probability models, with a 500-day lag, show Bitcoin breaching two standard deviations at $90,000, with a third standard deviation projected around $101,000.