🚀 Bitcoin has soared to a new all-time high of $72k, entering the Euphoria Zone and sparking a wealth transfer from old HODLers to new investors and speculators. The Bitcoin Realized Cap has also reached a new high of $504B, with capital inflows of over $40B since March 1st, driven partly by the success of new US ETF products. 🌟

This wealth transfer is following a similar path to previous Bitcoin cycles, with the proportion of wealth held by 'Young coins' (moved within the last 3 months) increasing by 138% since October 2023. This reflects a net expenditure by longer-term investors who had previously held their coins for at least 3 months. 📈

Realized profit metrics and futures funding rates have spiked to significantly positive levels, suggesting elevated profit taking and demand for long side leverage. As we enter the Euphoria Zone, it's essential to keep an eye on the balance between distribution pressure and new demand, as well as the mechanics that eventually establish cyclical tops. 🌐

Stay tuned for more exciting updates on the world of Bitcoin and blockchain! 🌟