Bitcoin Bull Market's Increasingly Important Signal: They Are Taking Control

Recent large fluctuations in Bitcoin (BTC) continue to attract the attention of investors. The emergence of new whales effectively taking control of the market could be a critical signal for the current stages of the bull market. CryptoQuant analyst emphasized that Bitcoin has reached the final stage of its bull cycle and the market is now largely under the control of short-term holders.

According to the analyst, this situation indicates that Bitcoin prices have entered a phase of enthusiasm and a speculative structure has emerged. Current data shows that Bitcoin's Net Unrealized Profit/Loss (NUPL) indicator is currently at a +0.52 level. This level coincides with periods in past cycles (2017 and 2021) when a large portion of investors were in profit.

Today, approximately 97% of the circulating Bitcoin supply is in profit, indicating strong investor confidence. However, it also suggests that the upward potential may be limited without consolidation. The share of short-term investors in Bitcoin’s realized cap has reached an all-time high of 44%. This is related to the increasing dominance of new whales in the market and long-term investors taking profits.

According to the CryptoQuant analyst, the most critical signal to observe will be the withdrawal of short-term investors from the market. When this decline begins, the reaccumulation process by long-term investors will lay the foundations for a new upward cycle in the market.

In summary, Bitcoin is currently in a mature speculative phase supported by strong liquidity, institutional participation, and ETF inflows. However, the main turning point appears to be starting with the exit of short-term players from the scene. Key points for investors to monitor are becoming clear, and it is crucial to proceed with caution during this period.