According to new data from CryptoQuant’s on-chain analytics platform, the Bitcoin Cycle Indicators (IBCI) tool suggests that Bitcoin’s (BTC) bull market still has plenty of room to grow and is far from over. The tool, which combines key on-chain indicators such as the Puell Multiple and MVRV, remains at “neutral” levels, well below the range that traditionally marks the peak of a bull market, despite the price hitting new all-time highs.
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According to market analyst Zhao Wedson, more than 70% of altcoins currently have a long-to-short ratio above 1. This data suggests that the majority of traders in the altcoin market are counting on a price increase. Such a focus on long (buy) positions could explain the market’s lackluster behavior and limited volatility in recent days.
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Monthly transfer volume of Tether (USDT) has reached a historic high of around $1 trillion.
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