Could This be Bitcoin's 'Final Fling?' Record-Breaking High Achieved as Market Excitement Grows

As the third week of July kicks off, Bitcoin has achieved a new record high, reaching $123,000 - a notable 13% increase from the past week. This, coupled with a significant influx of capital into Bitcoin ETFs, has sparked debate about the potential onset of market euphoria. However, on-chain metrics paint a more complex picture. Despite this surge, broader retail involvement is yet to come into full effect.

The rHODL ratio, a measure of long-term holder behavior, currently stands at 32%, suggesting continued caution among retail investors. While the rally seems currently driven by institutional flows, early signs indicate a possible rise in retail-driven participation, potentially heralding a "last dance" market situation. The lack of panic selling and controlled profit-taking suggest a favorable environment for the bullish trend to continue.