Data suggests that a fresh influx of investor capital marks the crypto market entering a euphoric phase.
As market participants await the Bitcoin halving event, which is expected to send BTC’s price higher, investors’ speculative interest in the crypto market has risen to levels seen in the 2021 bull run, according to a Glassnode report. This increases the chances of a substantial directional price move.
Bitcoin’s (BTC) price continues its impressive performance in 2024, with the flagship cryptocurrency hitting new all-time highs in March. BTC spot trading volume has soared since the spot Bitcoin ETFs began trading in the U.S. on Jan. 11, with daily volumes peaking in March. Glassnode noted that the market has “transitioned into a euphoric phase,” with profit-taking climbing considerably.
Data suggests Bitcoin’s bullish momentum has been building up since October 2023 as the market was pushed into a high liquidity and volatility regime.
