According to Foresight News, Glassnode has released data analysis stating that the realized market value of Bitcoin has reached a historical high of $872 billion, but the monthly growth rate has slowed down to+0.9%. This indicates that although capital inflows continue to grow positively, investor enthusiasm is weakening, indicating a sustained risk aversion. Bitcoin's realized gains and losses (adjusted for volatility) have shown a nearly balanced trend in recent weeks. This indicates that investor activity has reached saturation and typically suggests that the market will enter a consolidation phase, seeking new equilibrium. At the same time, BTC's net realized profit and loss adjusted for volatility has returned to its long-term median. This marks the boundary between bull and bear markets in history, putting the market at a critical moment in determining direction.
