According to the latest report released by Glassnode, Bitcoin's price performance since the 2022 low is very similar to previous cycles. Although the recovery is slower, it is more resilient.

Despite a slight increase in outflows from long-term holders’ tokens following the ETF approval (correlated with GBTC), most long-term Bitcoin investors are still unwilling to sell their Bitcoin at current prices.

Network activity remains low on the physical side, but the volume of coins transferred on-chain and especially to exchanges remains strong and similar to previous bull cycles.