The co-founder of the Glassnode analytical platform, Rafael Schulze-Kraft, presented in detail the Bitcoin Cycle Position Heatmap tool. This specialized indicator combines forty-five on-chain metrics into a single heat map. The blue color on the chart clearly indicates the current phase of the digital asset's capitulation. Red hues traditionally reflect noticeable overheating of the network near historical peaks. A significant part of the metrics used reflect the real profitability of various groups of holders. Researchers divide investors into short-term and long-term market participants. This year, the heat map remains predominantly blue for a long time. Similar indicators were observed after the euphoria of November 2000. The negative zone steadily persisted until the November minimum of two thousand twenty-two.

Rafael Schulze-Kraft noted the need for careful interpretation of individual metrics when assessing market cycles. The dormancy indicator reflects the average period of immobility of coins in transactions. The investor base is gradually aging, so the values are steadily increasing from cycle to cycle. Glassnode analysts also pointed to a sharp increase in the number of active network addresses. The adjusted volume of daily transfers in the network of the first cryptocurrency has increased significantly. At the same time, capital outflow has completely stabilized at current price levels. Weekly inflows of funds into bitcoin spot funds have successfully resumed after a pause. The supply ratio in the hands of short-term and long-term holders remained near historical lows. This situation indicates that long-term investors are confident in maintaining their positions.

The share of coins in profit has approached the minimum values for the current cycle. Experts continue to closely monitor the behavior of various groups of network participants. At the time of writing, bitcoin is trading for about sixty-four thousand six hundred dollars. Previously, the digital asset failed to gain a foothold above the sixty-six thousand mark. On August 2, the price of the first cryptocurrency dropped below sixty-three thousand dollars. This decrease occurred against the background of a noticeable outflow of funds from cryptocurrency funds. Market participants also drew attention to the security issues of hardware wallets. Researchers continue to publish detailed reviews of network activity for a wide audience. Open blockchain data allows you to study in detail the movements of large amounts of digital assets.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.