“We’re still early,” an analyst says as Bitcoin profitability dynamics reveal a shift in BTC supply profitability on the horizon.
bull market “FOMO” has yet to appear despite BTC price being up 120% this year.
Data from the statistics platform Look Into Bitcoin shows that on-chain transactions are only starting to involve “younger” Bitcoin.
Bitcoin bull market analysis: “We’re still early”
Bitcoin remains near 18-month highs and well beyond its bear market trading range and several key resistance levels.
While the number of smaller wallets is increasing, there has not been a major return to the network
from speculators — those holding BTC for short periods of time.
In an X (formerly Twitter) post on Nov. 16, Look Into Bitcoin creator Philip Swift flagged the realized
cap HODL waves metric, also known as RHODL waves, as proof.
RHODL splits the existing HODL waves metric, which divides BTC by age group of the supply and
compares it to the price at which it last moved on-chain.
The result is a spike in coins, which frequently move during bull market phases, and the opposite
in bear markets, where investors are afraid to sell or are in the red on their holdings.
“Warmer colour low timeframe waves are only just starting to increase as coins are transferred on-
chain,” Swift commented on the current state of RHODL.