⚠️⚠️⚠️⚠️ This time everything looks much healthier
Despite the recent rise in Bitcoin, the market does not yet appear overheated relative to the Realized Price metric.
This is a stark contrast to the situation when BTC last approached $100K — at that time, the price significantly outpaced its cost basis, indicating overheating and speculative euphoria.
Now, however, the growth is happening more balanced: the Realized Price is rising along with the market, which indicates accumulation by smart money rather than the crowd.
This is the kind of structural dynamics we want to see in a sustainable bull market.