On-Chain Data Proves Bitcoin Cycle Has Changed
BeInCrypto
On-chain metrics indicate that Bitcoin's current market cycle is behaving differently due to institutional accumulation and shifting supply dynamics.Summary
On-chain data reveals that Bitcoin's current market cycle is diverging from historical patterns. Metrics like the MVRV Z-Score have failed to reach traditional "euphoria" levels, suggesting a structural change in the market. Meanwhile, a consistent decline in exchange supply and the rise of spot ETFs—which now hold approximately 1.3 million BTC—indicate that institutional accumulation is driving price action, effectively replacing the retail-led dynamics of previous cycles.
(Source：BeInCrypto)