Bitcoin Hits $118K But Euphoria Still Missing
Bitcoin reaches $118K ATH, but Long-Term Holder NUPL remains below euphoria zone, signaling more room for growth.
- BTC hits new ATH above $118K, but NUPL stays at 0.69.
- Current cycle saw only ~30 days above 0.75 NUPL vs. 228 days last cycle.
- Long-term holders show restrained profit-taking behavior.
Bitcoin Surges to $118K, But Euphoria Remains Absent
Bitcoin has officially broken into new all-time high territory, crossing $118,000. But interestingly, market sentiment—particularly among long-term holders—tells a different story. According to on-chain data, the Long-Term Holder Net Unrealized Profit and Loss (NUPL) remains at just 0.69, well below the typical “euphoria” zone of 0.75 and above.
This indicator tracks how much profit long-term holders (those holding BTC for 155+ days) are sitting on and whether they are starting to cash out en masse. A high NUPL value often signals that long-term investors are realizing gains, a behavior common during the later stages of bull markets.
A Tamer Market Compared to Past Cycles
To put it in perspective, this cycle has seen only around 30 days above the 0.75 NUPL level, compared to 228 days in the previous bull cycle. This suggests that despite the record-breaking price levels, the market hasn’t entered the extreme greed or euphoria zone yet.
This relatively low NUPL reading could mean a few things:
- Long-term holders are confident and are not rushing to sell.
- The current rally may still have room to grow before peaking.
- Market sentiment remains cautiously optimistic rather than irrationally exuberant.
What It Means for the Bitcoin Market
The restrained NUPL level signals that this bull run might not be near its top just yet. Unlike in previous cycles, where euphoria lasted for months, this cycle appears more controlled, potentially due to stronger institutional involvement and improved investor maturity.
With NUPL still below euphoric levels, Bitcoin could continue climbing before facing major sell pressure. For traders and investors, this presents an opportunity—but also a reminder that market tops are more than just price levels—they’re psychological peaks too.
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