Bitcoin has entered a historically late phase of its market cycle, characterized by rising profit-taking metrics and diminished capital inflows, according to analytics platform Glassnode. Current metrics suggest similarities with previous bull markets, specifically the cycles from 2015 to 2018 and 2018 to 2022, which saw all-time highs (ATHs) approximately two to three months after reaching a similar stage. Bitcoin's circulating supply has remained above the profit band for 273 days, indicating sell-side pressure is increasing as long-term holders realize significant profits. Despite Bitcoin's price decline since its recent high of $124,000, new demand has emerged from short-term holders, who have accumulated over 159,000 BTC, indicating strong market interest. Whales have also been accumulating BTC amidst declining exchange balances. However, market sentiment remains negative, and while fear has not reached levels indicative of capitulation, analysts remain cautious about potential rebounds in the near term. The combination of these factors suggests a complex but strategically pivotal moment in the BTC market cycle.

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