$BTC

Bitcoin surpasses 118,000 USD but the market has not yet shown FOMO

Bitcoin (BTC) has for the first time in history exceeded the milestone of 118,000 USD on Friday. However, despite the strong upward trend, the market has not recorded significant signs of 'fear of missing out' (FOMO) in the past two days – indicating that the largest cryptocurrency in the world still has room for growth in the current cycle.

In the past 24 hours, Bitcoin surged above 118,000 USD, after US spot ETF funds recorded a net inflow of 1.18 billion USD on Thursday. The strong capital flow, along with rising prices, has pushed the total net asset value of Bitcoin ETF products above 141 billion USD as of the time of publication.

However, on-chain data shows that market sentiment remains quite cautious compared to previous growth cycles.

Specifically, according to the blockchain analytics company Glassnode, the Long-Term Holder Net Unrealized Profit/Loss (LTH-NUPL) index is currently at 0.69 – lower than the threshold of 0.75, which is often associated with extreme euphoric states. In the current cycle, there have only been 30 days where this index exceeded that threshold, compared to 228 days in previous growth cycles.

“The current NUPL level indicates that while some long-term investors have taken profits, the majority have not reached a panic selling level as seen in previous price peaks – suggesting that prices could still rise further if they continue to accumulate,” Glassnode commented.