Here’s what on-chain data says regarding if the latest Bitcoin rally has hit the overheated “euphoria” stage where past bull runs topped out. Bitcoin Percent Supply In Profit Has Now Hit The 83% Mark In its latest weekly report, the on-chain analytics firm Glassnode has discussed about the “euphoric” BTC phase from the angle of investor profitability. Euphoria basically refers to that period of the market where the investors have started embracing greed and the rally is becoming heated. Historically, the major rallies in the asset have attained their tops in such market conditions. To define what constitutes euphoria, Glassnode has referred to the “percent supply in profit” metric. This indicator keeps track of the percentage of the total circulating Bitcoin supply that’s currently being held at a profit. Related Reading: Analyst Predicts Chainlink Rally To $20 Based On This Pattern Here is a chart that shows the trend in this indicator over the past decade: The value of the metric seems to have observed a large spike in recent days | Source: Glassnode's The Week Onchain - Week 4 ..
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