Is Bitcoin’s market cycle changing? – Here’s what you should know

Key Points

1. Bitcoin's price rose to $109,919 with a 2.04% gain in 24 hours, but active addresses remained stagnant at 850,000, a level last seen when BTC was near $16,000 in 2022.

2. Institutional demand, including ETFs and corporate treasuries, is a key driver of Bitcoin's current rally, with 51 firms now holding BTC on their balance sheets, nearly double from two years ago.

3. The Miners’ Position Index (MPI) rose 68.51% daily but remains below the yearly average, suggesting miners are not selling aggressively, which could reduce near-term supply pressure.

4. The Net Realized Profit and Loss (NRPL) increased by 7.43%, indicating moderate profit-taking, but holders appear to be rotating positions rather than exiting entirely.

5. BTC derivatives activity surged, with trading volume up 22.34% to $94.2 billion and Open Interest rising by 6.71%, while options volume spiked 58.01%, signaling growing speculative interest.