Large holders of the first cryptocurrency have not yet begun active sales, says CryptoQuant contributor CryptoOnchain.
This is indicated by the low values of the realized profit ratio, especially in comparison with the indicators observed during the renewal of historical maximums in previous cycles.
Dynamics of the realized profit ratio; the indicator takes into account wallets with 10-100 BTC, 100-1000 BTC and 1000-10,000 BTC. Data: CryptoQuant.
“This may indicate that whales believe we are not yet in the ATH range for this cycle,” CryptoOnchain noted.
This thesis can be supported by the current values of the on-chain MVRV Z-score metric - slightly above level 3. They are still quite far from the "red zone" of strong overboughtness, indicating an imminent market reversal with a change in its phase.
Dynamics of the MVRV indicator. Data: Bitcoin Magazine.
Another analyst, Avocado_onchain, noted the predominance of demand from spot market participants:
"Amid declining activity in futures, demand in the spot market continues to grow. This indicates a decrease in speculative overheating in futures and an increase in buying pressure on spot markets."
In his opinion, the derivatives segment is approaching “overheating and liquidation cycles.” This, Avocado_onchain is sure, will contribute to the continued growth of Bitcoin and the influx of capital into the spot market.
Earlier, Bitfinex analysts predicted a peak in the price of digital gold in the second half of 2025, at $200,000.
