 'Atypical' Bitcoin bull market can extend beyond March 2025 — Research 
2025-02-05
Category: None

Bitcoin BTCUSD has more “value stored” in its network than ever before as realized cap hits $850 billion for the first time.
In the latest edition of its weekly newsletter, “The Week Onchain,” crypto analytics firm Glassnode predicted that the next BTC price macro top may still be far away.
Bitcoin capital inflows double versus 2022 bottom
Bitcoin has attracted capital inflows of nearly $500 billion since the pit of the 2022 crypto bear market.
In so doing, its realized cap — the market cap calculated using the price at which each coin last moved onchain — has hit new record highs.
“If we benchmark from the cycle low set in Nov 2022, when the Realised Cap was $400B, Bitcoin has since absorbed an additional capital inflow of just approximately +$450B, more than doubling the Realized Cap,” Glassnode reports.

The research also notes that daily settlement volume remains at around $9 billion over the past year. The Bitcoin network has settled over $3 trillion in that time.
“Both the Realized Cap, and the economic volumes settled by the Bitcoin network offer ewmpirical evidence that Bitcoin both has ‘value’ and ‘utility’, challenging the assumption by critics that it has neither,” “The Week Onchain” continues.
Bitcoin bull market has “atypical nature”
Examining capital inflow trends, Glassnode suggests that the current BTC price cycle is “atypical.”
Previously, cycle tops have come around one year after an initial peak in the proportion of wealth held in coins, which last moved in the past three months.
“Whilst new demand this cycle is meaningful, the wealth held in 3month old coins is much lower than it was compared to previous cycles. This suggests that there has not been the same magnitude of new demand inflows, seeming to occur in bursts and peaks, rather than on a sustained basis,” it explains. 

The observations feed into a general sense of shifting investor patterns. Despite higher BTC prices overall, retail has yet to display similar levels of “FOMO” or euphoria to previous cycles.
“This suggests that new demand for BTC has been dominated by larger sized entities, rather than small retail sized entities,” Glassnode comments.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.