During bull market uptrends, the percent of Bitcoin supply in profit breaks above 90%, signaling the Pre-Euphoria phase and incentivizing long-term holders to take profits after enduring the previous bear market. As prices make a new all-time high, the market enters the Euphoria phase where supply in profit fluctuates around 90% for 6-12 months. The current Euphoria phase is relatively young at 2.5 months, with 93.4% of supply in profit now. Long-term holders distributing to new buyers is a recurring pattern driving these cycles.

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