Has Bitcoin Reached “Euphoria” Yet? What On-Chain Data Says
On-chain analytics firm Glassnode's latest weekly report analyses whether the current Bitcoin rally has reached the 'euphoria' stage where previous bull runs peaked out. The firm uses the 'percent supply in profit' metric, i.e., the percentage of the total Bitcoin supply held at a profit. Currently, the value of this metric is around 83%, notably higher than the all-time mean of 74%. According to Glassnode, a +1 standard deviation, around 90%, signals the early stages of euphoria but Bitcoin has not yet reached this level. Glassnode also measures unrealized profits, which suggest the bull market is not yet at the euphoric stage. Bitcoin's price has been volatile recently due to news of Changpeng Zhao stepping down as Binance's CEO but has since recovered to $36,600.
