In May 2025, the price of Bitcoin remains firmly above a series of key on-chain indicators, a scene that has only occurred in strong trending markets historically.
Realized Price (light blue): The average holding cost of circulating BTC, continuously rising = holders are not panicking at high levels, but are more willing to hold coins and wait for profits to be realized. Delta Price (dark blue): In the high range, indicating that the bull market is not early, but it hasn't gone crazy yet, remaining in a rational rising phase.
Real market average (green): The true cost price after removing miner interference, BTC has been running above it, which is the foundation for sustained bullishness.
My view is simple:
Many people wait for the bull market to start, but when the real bull market begins, they fear heights, corrections, and negative news. In fact, the current data indicates that the main players are still in control, and the market has not yet entered the final FOMO stage.
If you are a value investor, this is the phase to hold firmly;
If you are a swing trader, these indicators give you the confidence to 'go long without panic'.
