Continued Bullish Trend for Bitcoin as Purchasers Drive Up Realized Price

Bitcoin continues to exhibit bullish trends, underscored by on-chain data, technical indicators, and the steady rise of the realized price - the average purchase price of Bitcoin currently in circulation. This ongoing increase in realized price points to sustained bullish momentum, with increasing purchases of Bitcoin at higher prices.

This trend is being fuelled by institutional inflow via spot BTC ETFs and significant purchases from corporations. Furthermore, Bitcoin's supply dynamics are changing, with its illiquid supply reaching a cycle high of 14 million BTC, indicating that long-term holders are locking their holdings, thereby reducing market liquidity.

Despite minor pullbacks, Bitcoin has seen nearly a 10% gain in the past week and is steadily closing in on its all-time high.