Bitcoin’s Bull Market: Latest On-Chain Data, Market Structure, and Liquidity Trends | by Michael P. Di Fulvio | The Capital | Feb, 2025
Bitcoin continues its bull market trajectory, displaying strong similarities to previous cycles but with key structural differences due to spot ETFs, institutional demand, and liquidity migration. While diminishing returns remain a feature of each cycle, on-chain data suggests Bitcoin has not yet reached peak euphoria, leaving potential room for further expansion.
This analysis incorporates the latest Bitcoin data, focusing on Realized Cap growth, long-term holder (LTH) distribution, ETF-driven liquidity migration, and key market indicators to determine Bitcoin’s current phase in the cycle.
Latest Summary: Key Technical Insights and Market Implications
1. Bitcoin’s Bull Market Structure Remains Consistent, but Growth Rates Have Slowed
Bitcoin’s price appreciation follows a logarithmic growth model, where each cycle produces lower percentage gains as the market cap expands and liquidity deepens.
