Bitcoin currently in ‘middle of the bull run’ — Grayscale report

A fresh report from Grayscale concludes that Bitcoin’s bull market still has a way to go.

) market cycle indicators show that the crypto market is “presently in the middle of the bull run,” backed by a mix of strong fundamental and technical factors, according to a recent report from Grayscale.

“The first pivotal difference in this bull market compared to previous ones is the rapid change in positive market dynamics, largely influenced by, capital inflows into spot Bitcoin ETFs have consistently surpassed BTC “issuance by a magnitude of more than 3 times as of mid-March, which has put upward pressure on the price,” the report added.“This influx of stablecoin capital, as indicated by rising stablecoin reserves on exchanges, typically fuels the momentum of bull markets.

“As of mid-March 2024, with a NUPL at approximately 60% and historical peaks occurring at profit ratios above 70%, it appears we may be approaching a cycle high on this measure.”Bull markets are particularly driven by euphoria, fear of missing out and speculative trading from retail investors. One of the ways to determine this is by analyzing retail market sentiment.

This suggests that “the broader public’s curiosity with cryptocurrency might not have fully rebounded,” says the report.This raises questions as to whether retail investors are participating in the current cycle.

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