Bitcoin Cycle Breaks Pattern as On-Chain Metrics Hit 4-Year Low
BeInCrypto
Bitcoin's on-chain metrics suggest a market reset without a euphoric top, as long-term holders maintain record conviction despite recent price volatility.Summary
Current on-chain data indicates that Bitcoin is experiencing a unique cycle characterized by capitulation-level indicators without the typical euphoric market peak. While metrics like the Mayer Multiple Z-Score and the Bitcoin Sharpe Ratio show deep-value readings consistent with past bear market bottoms, the market never reached a stage of mass greed. Additionally, unlike previous cycles where long-term holders distributed their assets, this group has maintained record levels of supply, suggesting a structural shift potentially driven by institutional involvement.
(Source：BeInCrypto)