[Analysis] Despite Bitcoin's Record High... "No Investment Overheating Yet"

Bitcoin (BTC) price hit a record high on the 22nd, but analysis suggests there are no signs of investment overheating yet.

CryptoQuant contributor Cryptodan stated on the 22nd through CryptoQuant, "'Funding rate' is an indicator to judge whether the market is overheating," and "although there has been an increase in long positions recently, it is still at a lower level compared to past peaks, and the overheating phenomenon in the futures market is also minimal." Cryptodan said, "By looking at the ratio of Bitcoin traded within 1 week to 1 month, you can gauge the inflow of short-term funds and the degree of market overheating," adding, "Bitcoin has hit a record high, but the speed of short-term fund inflow is lower compared to past peaks."

Cryptodan emphasized that "selling pressure is also limited." Cryptodan analyzed, "In this upward trend, profit-taking sales by short-term holders are limited," and "in March 2024, there was large-scale profit-taking and long-term adjustment, but currently, the scale of profit realization is much lower compared to November 2024." He added, "The Bitcoin holdings of spot ETFs are also at an all-time high," and "the increase in Bitcoin holdings by individual and institutional investors in the United States is a key factor supporting the overall market uptrend."