Bitcoin\u2019s price rallied 50% from the April lows, hitting an all-time high of approximately $112,000 on May 23 amid renewed market momentum. On the backdrop, a key Bitcoin metric has quietly reached a level that has historically preceded major market turning points.<\/p>\n
While the data suggests widespread unrealized gains among holders, analysts urge restraint.<\/p>\n
According to CryptoQuant\u2019s latest analysis<\/a>, 99% of Bitcoin\u2019s Unspent Transaction Outputs (UTXOs) are currently in profit. This has historically proven to be a critical threshold, previously linked to market euphoria.<\/p>\n UTXOs, which represent unspent BTC from previous transactions, are a key metric for gauging unrealized profits across the network.<\/p>\n When nearly all holders are sitting on gains, it often signals heightened bullish sentiment, a condition that can precede either sustained rallies or sharp corrections.<\/p>\n While the 99% mark is typically seen as a sign of strength, CryptoQuant stated that the current macroeconomic uncertainty<\/a>, particularly around the Trump administration\u2019s potential policy direction, makes it difficult to conclude that true market euphoria has arrived. As such, investors appear hesitant to embrace risk fully.<\/p>\n Hence, the report cautioned that if this metric begins to decline, it could indicate that unrealized profits are shrinking. That scenario could trigger increased profit-taking among earlier investors and force latecomers \u2013 those who bought near recent highs \u2013 to sell at a loss, potentially accelerating downside momentum.<\/p>\n Glassnode also noted a concerning trend and flagged \u201csigns of cooling momentum.\u201d In its recent update<\/a>, the platform observed that the 14-day Relative Strength Index (RSI) fell by 25.1%, and net spot demand declined, suggesting potential short-term buyer fatigue.<\/p>\n In derivatives markets, open interest and funding rates climbed, which indicated a growing speculative activity. Despite this, Glassnode explained that the Perpetual Cumulative Volume Delta (CVD) trending lower points to stronger sell-side pressure and more caution among traders. Options data revealed a mixed picture: while the 25-Delta Skew remained stable, rising open interest and a widening volatility spread may reflect hedging or profit-taking.<\/p>\n Liquidity conditions improved, supported by elevated unrealized profits and continued activity from short-term holders. Meanwhile, a slight uptick in the short-to-long-term holder (STH\/LTH) supply ratio, coupled with a small dip in the Realized Profit-to-Loss ratio, signaled tempered enthusiasm over the weekend.<\/p>\n On-chain fundamentals showed a mild decrease in active addresses, which demonstrated a slowdown in user activity following a period of intense engagement.<\/p>\n The post Bitcoin (BTC) Nears Euphoria Zone With 99% UTXOs in Profit<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price rallied 50% from the April lows, hitting an all-time high of approximately $112,000 on May 23 amid renewed market momentum. On the backdrop, a key Bitcoin metric has quietly reached a level that has historically preceded major market turning points. While the data suggests widespread unrealized gains among holders, analysts urge restraint. UTXO […]<\/p>\n","protected":false},"author":0,"featured_media":69663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-69662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/69662"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=69662"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/69662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/69663"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=69662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=69662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=69662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Short-Term Buyer Fatigue<\/h2>\n