Bitcoin continues trading just 3% below its all-time high despite facing significant macroeconomic challenges, including persistent core CPI inflation and delayed Federal Reserve rate cuts. On-chain indicators reveal sustained network accumulation and long-term holder confidence, reinforcing bullish sentiment.
Net Realized Profit and Loss (NRPL) metrics show substantially reduced profit-taking activity compared to late 2024 levels. This pattern suggests whale investors are maintaining positions rather than liquidating holdings, reflecting conviction in Bitcoin’s value proposition.
The 365-day Mean Coin Age (MCA) has demonstrated a consistent upward trajectory throughout the year, indicating long-term holders are retaining their coins. While a brief price correction to $105,000 in early June triggered a temporary spike in age consumed – signaling some profit-taking or portfolio repositioning – this activity remained contained.
Analysts note the absence of widespread euphoria or excessive profit realization typically seen near market tops. This measured behavior, combined with strong accumulation patterns, suggests Bitcoin’s underlying momentum remains intact. The convergence of these on-chain fundamentals points to potential for new price highs as investor confidence persists through economic uncertainty.