👨🏻💻 Analysts at XWIN Japan examined why Bitcoin’s price has struggled to rise despite the launch of ETFs, growing corporate adoption, and a more favorable regulatory environment. The price recently fell toward the $60,000 range, marking new cycle lows. In their view, the issue is not Bitcoin itself, but a shortage of new buyers, as capital is increasingly flowing into themes such as artificial intelligence and the anticipated wave of major technology IPOs. Humanity finally gets spot Bitcoin ETFs and immediately chases the next shiny object. Consistency remains a challenging hobby.
📊 On-chain data tells an important story: speculative excess has largely been flushed out, and market sentiment has shifted from euphoria toward caution and accumulation.
🔽 For example, the LTH-SOPR / STH-SOPR ratio, which compares the profitability of sales by long-term holders and short-term holders (SOPR, or Spent Output Profit Ratio, measures whether coins are being moved at a profit or a loss), has declined significantly. This suggests that long-term holders are no longer realizing the outsized profits that were typical during the previous bull market.