{"id":87918,"date":"2023-12-06T15:32:56","date_gmt":"2023-12-06T13:32:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87918"},"modified":"2025-09-13T14:47:26","modified_gmt":"2025-09-13T11:47:26","slug":"glassnode-bitcoin-enters-the-acceleration-phase-of-the-bull-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-bitcoin-enters-the-acceleration-phase-of-the-bull-market\/","title":{"rendered":"Glassnode: Bitcoin enters the acceleration phase of the bull market"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The rise of digital gold by 141.6% year-to-date matches the cycles of 2015\u20132017 and 2018\u20132022 in terms of duration of the recovery and the drawdown after the ATH.<\/li>\n<li>Most Bitcoin investors are in profit, with several on-chain metrics moving into the enthusiasm phase of an uptrend.<\/li>\n<\/ul>\n<\/div>\n<p>Bitcoin has risen 141.6% year-to-date and more than twice as high as gold. Bitcoin remains the dominant cryptocurrency in the digital assets industry, according to<a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-49-2023\/\"> Glassnode<\/a>.<\/p>\n<p>Year-to-date results recorded (as of writing):<\/p>\n<ul class=\"wp-block-list\">\n<li>Bitcoin: +141.6%;<\/li>\n<li>Ethereum: +79.4%;<\/li>\n<li>altcoins (excluding Ethereum and <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-stablecoins\">stablecoins<\/a>): +62.3%.<\/li>\n<\/ul>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-854.webp\" alt=\"1-854\" class=\"wp-image-221557\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Analysts note that market indicators for digital gold after the cycle peak resemble both the 2013\u20132017 and 2017\u20132021 periods. Below are the drawdown magnitudes:<\/p>\n<ul class=\"wp-block-list\">\n<li>2013\u20132017: -42%;<\/li>\n<li>2017\u20132021: -39%;<\/li>\n<li>\u26ab 2021\u20132023: -37%.<\/li>\n<\/ul>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-678.webp\" alt=\"2-678\" class=\"wp-image-221560\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The similarity is also evident in terms of the distance from cyclic lows and the duration:<\/p>\n<ul class=\"wp-block-list\">\n<li>2015\u201318: +119%;<\/li>\n<li>2018\u201322: +128%;<\/li>\n<li>\u26ab 2022\u201323: +146%.<\/li>\n<\/ul>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-397.webp\" alt=\"3-397\" class=\"wp-image-221559\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Experts also noted that after periods of impressive growth it is prudent to monitor <span data-descr=\"centralized platforms\" class=\"old_tooltip\">CEX<\/span> transactions for any notable deviations in activity or capital flows. Despite a strong year, the trend of deposits falling to multi-year lows remained in place, they added.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-160.webp\" alt=\"5-160\" class=\"wp-image-221562\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The 2023 rally pushed Bitcoin&#8217;s price above two key price levels:<\/p>\n<ol class=\"wp-block-list\">\n<li>Realized price, which separates the profits and losses of the &#8216;average coin&#8217;;<\/li>\n<li>The indicator True Market Mean Price ($31,000), developed jointly with ARK Invest, indicating profits for the average active investor.<\/li>\n<\/ol>\n<p>Such a combination has historically signaled a transition to a more active bull market, the analysts noted.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-114.webp\" alt=\"6-114\" class=\"wp-image-221563\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Price growth since the start of the year has increased the share of \u201cprofitable\u201d coins in holders\u2019 hands from 56% to 84%. The metric surpassed the long-term average of 81.6%.<\/p>\n<p>Previous breakouts above this level coincided with transitions to strong uptrends. Among short-term market participants, this metric reached 95%. It exceeded one standard deviation, which is also associated with the acceleration stages of the bull market.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-68.webp\" alt=\"7-68\" class=\"wp-image-221564\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>In conclusion, experts assessed a daily net realized profit of $324 million. This is orders of magnitude below the peaks seen in the later stages of the 2021 bull market (over $3 billion).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cDespite the rise in prices and substantial (paper) profits for investors, the situation remains largely within the early rather than late stage of the bull market,\u201d<\/em> \u2014 the analysts explained.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-52.webp\" alt=\"8-52\" class=\"wp-image-221565\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Earlier, analyst James van Straten estimated that Bitcoin holders realized profits of <a href=\"https:\/\/u1f987.com\/en\/news\/expert-identifies-5-billion-of-profit-taking-by-bitcoin-speculators\"> $5 billion<\/a> in the period from December 1 to 4, which is comparable to the levels reached at the ATH near $69,000.<\/p>\n<p>Matrixport analysts <a href=\"https:\/\/u1f987.com\/en\/news\/matrixport-confirms-bitcoin-forecast-to-hit-63000-by-april-2024\">confirmed<\/a> a forecast that Bitcoin would rise to $63,000 by April 2024.<\/p>\n<p>Earlier, Blockstream CEO Adam Back forecast digital gold at <a href=\"https:\/\/u1f987.com\/en\/news\/adam-back-forecasts-bitcoin-to-hit-100000-in-coming-months\">$100,000<\/a> in the coming months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Glassnode: Bitcoin has risen 141.6% year-to-date and more than twice as high as gold. Bitcoin remains dominant in the digital assets industry.<\/p>\n","protected":false},"author":1,"featured_media":87919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1273,1150,1268],"class_list":["post-87918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-glassnode","tag-news-plus","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=87918"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87918\/revisions"}],"predecessor-version":[{"id":87920,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87918\/revisions\/87920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/87919"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=87918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=87918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=87918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}