## Bitcoin's Record High: Are We in Euphoria Yet? Bitcoin recently achieved a new all-time high (ATH), exceeding $118,000. However, data from Glassnode indicates that long-term holders (LTH) believe there's still significant room for growth. According to Glassnode's X post, the Net Unrealized Profit/Loss (NUPL) indicator for LTHs currently sits at 0.69. This is below the "Euphoria" zone threshold of 0.75. Historically, NUPL has remained in the Euphoria zone for extended periods, such as 228 days in past cycles. In the current cycle, it has only breached the 0.75 mark for approximately 30 days. This suggests that while Bitcoin has reached new heights, long-term investors haven't reached peak exuberance, implying a belief that the price will continue to rise. This contrasts with previous bull markets where LTHs cashed out profits when the Euphoria zone was breached for longer periods. The data points to continued accumulation and holding by seasoned Bitcoin investors, signifying confidence in Bitcoin's long-term potential. ```

#BTC