After the correction of quotes, some metrics of digital gold signal a continuation of the bull market phase with a target of $146,000. This conclusion was reached by CryptoQuant.

Analysts noted that currently, the share of "new investors" coins is just over 50% of the total supply. During the previous rally peaks in 2017 and 2021, the indicator was over 90% and 80% respectively. The current values are explained by moderate activity from retail investors. Often, the opposite situation is a "typical condition of market cycle extremes," specialists pointed out.

Since October, retail investors have reduced their holdings by 41,000 BTC, while whales have increased theirs by 130,000 BTC.

"Previous bull runs ended when the first category was buying aggressively, and today this is not happening," explained CryptoQuant.

The shift indicates a possible change in the nature of the accumulation phase, where institutional and large players have taken the lead. From November 18 to 22, inflows into spot BTC ETFs reached a record $3.1 billion, occurring against the backdrop of Bitcoin approaching $100,000.