According to @glassnode, Bitcoin (BTC) breaking above $117,000 has pushed over 95% of circulating supply back into profit. According to @glassnode, such broad profitability is a hallmark of Euphoria phases. According to @glassnode, Euphoria phases often fuel accelerated profit-taking and rising market risk.

According to @glassnode, Bitcoin's Long-Term Holder (LTH) Net Unrealized Profit/Loss (NUPL) has been above 0.75 for approximately 31 days, with an average of 0.76. Historically, euphoria phases in market cycles have lasted 450, 385, and 228 days, respectively, with a decreasing NUPL average from 0.91 to 0.89 to 0.85. This suggests a potential continuation of the euphoria phase, which could impact trading strategies related to Bitcoin's market trends.