Bitcoin surged to a fresh all-time high of $123,000, gaining around 13% in just one week. This rally, fueled largely by strong inflows into spot Bitcoin ETFs, has sparked talk of an emerging market euphoria. However, on-chain data tells a more nuanced story.
CryptoQuant’s “Greed Indicator” remains moderate, showing that broad retail participation hasn’t fully arrived. The rHODL ratio, which tracks long-term holder activity, is at 32%, suggesting retail investors—or “prawns”—are still cautious. Historically, major euphoria phases follow heavy retail buying after institutions lead the charge.
Currently, institutional investors appear to be driving the rally, while retail remains mostly on the sidelines. Yet recent upticks in the rHODL ratio may hint at growing retail involvement, possibly setting the stage for what some call the “last dance” — a final euphoric market phase.
Importantly, Bitcoin’s rise hasn’t caused panic selling. The Spent Output Profit Ratio (SOPR) shows controlled profit-taking, indicating a healthy market environment favoring further gains. This steady behavior supports ongoing bullish momentum without signs of sharp sell-offs.
Source: cryptopotato.com
Published: 2025-07-15
