Even with Bitcoin's new high, Long-term holders 'Relaxed'... 'Real Euphoria Not Yet'

Bitcoin surpassed $118,000, setting a new all-time high, but long-term holders are still signaling 'it can go further.' On-chain data analysis company Glassnode stated on the 10th (local time) via X that "The current Bitcoin's long-term holder NUPL (Net Unrealized Profit/Loss) indicator is 0.69, and it has not yet entered the Euphoria area."

The NUPL indicator measures the average profit state of investors, and if it exceeds 0.75, it is interpreted as entering an overheated market phase. This cycle has only exceeded that value for a mere 30 days, which is very short compared to the previous bullish market that maintained the Euphoria zone for 228 days.

This signals the possibility that the market has not yet reached near its peak, suggesting that long-term holders believe Bitcoin still has sufficient room for further ascent. Despite the new record high, the fact that Euphoria has not yet fully developed suggests that the current market may still be in the middle or the onset of a bull market.