Glassnode's latest on-chain report highlights that BTC has broken the psychological barrier of $40,000, with a year-to-date return of +140%, significantly outperforming gold. Compared to previous cycles, BTC's return curve is very similar to the 2015-18 (+119%) and 2018-22 (+128%) cycles in terms of recovery duration and the subsequent pullback since the all-time high.
Currently, the majority of BTC investors are in a profit state, and several indicators are entering the “uptrend” area. From the perspective of on-chain transaction volume, the funds flowing in and out of exchanges have significantly increased from $930 million at the beginning of the year to over $3 billion (+220%). This highlights a growing interest among investors in trading, accumulating, speculating, and utilizing exchange services in various ways. Exchange deposits are currently dominated by large investors, and this could be a sign of institutional involvement as the decision date for the spot Bitcoin ETF approaches in January 2024.
Additionally, the rebound since the beginning of the year has increased the proportion of profits for long-term holders from 56% to 84%, surpassing the historical average of 81.6%. Short-term holders have a profit share of over 95%.