Glassnode data highlights Bitcoin’s profit-taking metrics signaling a late bull market cycle. Capital inflows have weakened, with large profit-taking peaking post $124,000, but a new ATH could come in 2-3 months. New holders are accumulating, offsetting sell pressure. BTC has entered a historically late phase of its market cycle, mirroring past cycle tops. Bitcoin’s circulating supply has spent 273 days above the +1 standard deviation profit band, second only to the 2015-2018 cycle. Long-term holders have realized significant profits, indicating growing sell-side pressure. Despite a 9% drop from $124,000, BTC has seen weaker capital inflows and softened profit-taking volumes. Demand remains strong, with new holders accumulating and absorbing coins from long-term holders. Market sentiment has soured post $114,000, but fear levels haven’t hit capitulation. Whales continue to accumulate, reducing near-term selling pressure.

Read more at Cointelegraph: BTC Cycle Nears Late Stage But New ATH Could Arrive in Weeks