Glassnode: Bitcoin’s recent correction is a cooling-down phase, and the bull market is far from over

Odaily Planet Daily News According to a recent report from Glassnode, Bitcoin's recent pullback reflects a cooling phase, but relatively low investor stress levels indicate that the bull market is far from over. The report noted that the number of BTC currently in a floating loss state fluctuates between 2 million and 3.5 million, far lower than the 4 million during the mid-2024 low, indicating that market conditions are not so bad. In contrast, the number of floating losses recorded in the history of early bear markets ranged from 4 million to 8 million. The market value to actual value (MVRV) ratio, an important measure of unrealized profits in the market, is currently 1.32. This shows that Bitcoin holders have an average floating profit of 32%. Although the market has fallen from its highs, this indicator shows that market sentiment is basically optimistic. The report also noted that historical analysis shows that the MVRV peak has declined with each successive market cycle, reflecting the increasing maturity of the Bitcoin market and the reduction in speculative intensity. For example, the MVRV high reached 8.07 in 2011, but has fallen to 2.78 by 2024. Currently, Bitcoin is trading above the 1-year average of $90,900, but below the bullish ceiling of $112,600, indicating that the market is still in a bullish phase. In addition, the report also pointed out that Bitcoin's market behavior has changed over time. Lower volatility, increased institutional participation, and new spot demand driven by ETFs have contributed to a more stable market structure. Despite the current correction, indicators show that the Bitcoin market remains resilient and the overall outlook is positive.