A sharp increase in profits among new Bitcoin investors combined with the active distribution of coins by hodlers indicates a transition to the late stage of a bull market, according to Glassnode.

Analysts noted the similarity in the price trajectory within all rising trends of the first cryptocurrency, despite the huge differences in scale, participant composition, and market structure dynamics.

In this cycle, the largest drawdown reached 32% and occurred on August 5, 2024. For previous market phases, this figure ranged from 36-71%.