- Bitcoin reached a new all-time high of US$89,915, currently 1% down but 24% up this week.
- Entire Bitcoin supply is profitable, with a profit phase typically lasting 22 days; it’s currently day 12.
- US$20.4 billion in profits realised during this ATH phase, below historical peaks of US$30-$50 billion, suggesting room for more gains.
- Ethereum outperforms Bitcoin with a 27% weekly gain, reflecting a substantial supply shock and setting the stage for potential major market movements.
Bitcoin has just made yet another new all-time high (ATH), stopping short of US$90k, coming in at US$89,915.57 (AU$137,589.94) as per data from CoinMarketCap. Although the largest crypto has dropped by just over 1% recently, it remains up by a healthy 24% on the weekly timeframe.
Upcoming Correction Possible Despite Strong Sentiment, Say Analysts
According to Glassnode analysts, Bitcoin has entered a new phase of price discovery, where the entire circulating supply is profitable.
Related: $50K Profit in Days! What’s Next for Bitcoin and Alts?
Bitcoin has entered a new price discovery phase, putting all of the circulating supply into profit. This chart shows the percentage of supply held in profit, alongside the count of consecutive days each month where this metric is more than 95%.
Glassnode
In a recent report they wrote that historically, Bitcoin’s euphoric profit phases last about 22 days before a correction. Currently, it’s been in profit for 12 days, indicating strong sentiment but also the potential for an upcoming correction.
Additionally, as the below chart shows, during the latest ATH discovery phase, US$20.4 billion (AU$31.2 billion) in profits have been realised, which is substantial yet still below the historical US$30-$50 billion (AU$45-$76 billion) range, indicating there could be more gains before we see a meaningful correction.
While profit-taking is substantial, it remains below historical peaks, suggesting additional room for further gains before reaching potential demand exhaustion.
GlassnodeVan de Poppe: Biggest Bull Run Ever, ETH Outperforms
Crypto analyst Michaël van de Poppe wrote on X that Ethereum has seen half a billion in USD in inflows following Trump’s election. Given Ethereum’s market cap, this represents a substantially larger supply shock than that for BTC, setting up the market for significant developments.
The supply shock on $ETH is significantly larger than on Bitcoin. Imagine the impact on DeFi once this continues to be like this. We’re literally at the start of the biggest bull ever.
Michaël van de PoppeRelated: Stand With Crypto Expands to Australia in Effort to Educate Local Policymakers
Ethereum has actually outperformed Bitcoin over the past week, gaining 27%, while BTC has gained 24%. ETH has managed to surge from US$2,400 (AU$3,673) on 5 November, to currently US$3,222 (AU$4,931).
Not a bad performance for the second largest crypto, which some had already seen fall behind Solana, yet Ether is still a force to be reckoned with it seems.
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