Bitcoin has just surpassed the $117,000 mark amid a surge in volatility following a prolonged compression phase. Data from Glassnode shows that long-term investors continue to accumulate, while supply tightens and realized volatility hits its lowest levels since 2022. Spot Bitcoin ETFs in the U.S. now hold $137 billion in assets, representing 6.4% of the market capitalization. Meanwhile, options markets are not pricing in high volatility, setting the stage for sharp price moves as liquidity remains thin and unrealized profits increase.

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