Bitcoin’s recent price action has been exciting, but its on-chain data offers deeper insights. The MVRV Z-Score, the Puell Multiple, the Net Unrealized Profit and Loss (NUPL), and the Long-Term HODL Wave metrics indicate that Bitcoin is still in the early to middle stages of the bull market. These metrics suggest there is plenty of room for further price growth and that we may see explosive growth similar to 2016 and 2020.
Tracking the largest and smartest BTC holders through the Coin Days Destroyed metric shows that they aren’t selling yet, signaling a relatively nascent phase of the current bull run. Overall, on-chain metrics suggest Bitcoin is far from being overheated, and long-term holders remain largely steadfast.
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<p>The post Analyzing Bitcoin’s Current Bull Run with On-Chain Data first appeared on CoinBuzzFeed.</p>
