As unrealized profits reach extreme levels, long-term holder spending is expected to increase, potentially surpassing ETF inflows in the short term, which may lead to increased market volatility and consolidation.

The various volatility indicators of BTC are highly compressed, suggesting that greater fluctuations may occur in the future.

Where did 30%-40% of the accumulated profits during the bull market go?

Futures trading volume has also declined, similar to the spot market and on-chain transfer volume, indicating relatively low speculative interest, while fixed basis trading and arbitrage positions dominate.

The spot arbitrage trading structure may be an important source of demand for ETF inflows, where ETFs serve as a tool to gain long spot exposure.

Glassnode has launched 28 new segmented indicators that help traders accurately identify market bottoms and optimize trading strategies in a bull market by deeply analyzing short-term holder behavior.

According to Glassnode's latest dynamic composite index, the market seems to be entering a cooling period.

Indicator interpretation.

The MVRV ratio of long-term holders indicates that the market is in the early stages of a bull market.

The performance of BTC and ETH exceeded traditional assets like gold by 93% and 39%, respectively.