Bitcoin reaches a new record high, but on-chain indicators show that market conditions remain very healthy and the upward trend may continue.
On-chain data reveals low participation from individual investors, declining profits from short-term holders, along with miners' accumulation strategies indicating that the Bitcoin market shows no signs of overheating or strong volatility from large investors.
MAIN CONTENT
Bitcoin reached a peak of $118,856 on July 11, but individual investor trading activity remains low, according to on-chain data.
The MVRV ratio and the profit index from short-term holders both indicate that the market is not too hot yet.
Miners continue to accumulate Bitcoin, signaling that the upward trend is not over.
Bitcoin hits new highs but the market is still very cautious; will the upward trend be sustainable?
According to the CEO of CryptoQuant, on-chain data shows Bitcoin reached its highest price of $118,856 on July 11 without a corresponding surge in activity from retail investors. This indicates that the upward trend still has potential for growth without the risk of collapse due to asset bubbles.
Bitcoin trades around $117,783 with interest levels not reaching the peaks of 2020 or November 2024, according to Google Trends recorded in the United States.
What is the current state of individual investor activity in this bull run?
CryptoQuant's Spot Retail Activity data shows that the number of transactions and position sizes of retail investors have remained stable without a surge since March 2024. This is a stark contrast to the peak in 2021 when retail investors flooded in and Bitcoin's price was rejected around $60,000.
"There is no FOMO phenomenon from individual investors, indicating that the market is developing healthily and sustainably,"
Avocado_onchain, CryptoQuant Analyst, 7/2025
What do the MVRV indicators and on-chain profits say about the state of the Bitcoin market?
According to a report from CryptoQuant Insights, the MVRV ratio of Bitcoin on July 11 stabilized at 2.2, much lower than previous peaks (up to 2.7 in March and December 2024), reflecting reasonable market regulation.
UTXO Age Bands analysis shows that most of the cash flow is still held long-term, with only 15% in the hands of short-term holders (less than 1 month), a significant drop from 30% prior to peak cycles. The SOPR of short-term holders also records low profits, meaning there is no significant selling pressure to lock in profits.
How does the miners' strategy of accumulation affect the market?
The Miner Position Index has continuously declined since November 2024, indicating that selling pressure from miners has decreased significantly. These mining enterprises actively retain Bitcoin instead of selling, meaning they believe the price trend will continue to rise steadily.
"Miners' continued accumulation is a sign of reinforcing the long-term bullish trend for Bitcoin,"
Head of Analysis at CryptoQuant, 6/2025
What are the main differences between previous Bitcoin bull cycles and the current one?
The current cycle lacks a surge from retail investors, with MVRV ratios and on-chain profits in a safe zone, along with miners accumulating, helping the market avoid traditional pump and dump phenomena. This is a positive sign that the price increase has a more sustainable development model.
Can a comparison table of the on-chain indicators at the peaks of 2021 and 2025 be provided?
2021 Peak Index Peak 11/7/2025 MVRV Ratio 2.7 2.2 Individual Investor Activity (Spot Retail Activity) Strong Increase Stable, no spike Short-term Holding Ratio (STH UTXO Age Bands) 15% Miner Position Index No clear trend Decline, miners accumulate
Frequently Asked Questions
Does Bitcoin reaching a new peak signal an impending bubble burst?
No, on-chain indicators such as MVRV or individual investor activity show that the market remains stable and shows no signs of overheating.How does individual investor activity affect the price trend of Bitcoin?
Low activity indicates that the current bull market is not driven by FOMO, which often leads to large fluctuations and sudden price drops.What does it mean when miners hold Bitcoin instead of selling?
This reflects their confidence in the continued price increase, while also reducing selling pressure to help stabilize Bitcoin's price.What is the MVRV index and why is it important?
MVRV measures the average profit of investors, helping to assess whether the market is overheated or still has growth potential.Can the Bitcoin market continue to rise in 2025?
Based on chain data and current trends, experts believe that the bullish momentum still has room and has not ended.
Source: https://tintucbitcoin.com/bitcoin-lap-ath-da-tang-moi-bat-dau/
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