The Week On-Chain 11, 2024
Bitcoin has broken to its fourth cycle all-time-high, rallying above $72k, and pushing sentiment one step closer to Euphoria. The classic wealth transfer from the HODLer cohort to speculators is now well underway, with significant upticks in spot profit taking, and demand for futures leverage.

Executive Summary
- Bitcoin has broken to a new ATH of $72k relative to the US Dollar, entering price discovery, and pushing investor sentiment closer to Euphoria.
- Numerous metrics indicate a striking similarity to past ATH breaks, where a wealth transfer from old HODLers to new investors and speculators is well underway.
- Realized profit metrics and futures funding rates have also spiked to significantly positive levels, suggesting elevated profit taking and demand for long side leverage.

Read more in The Week On-Chain newsletter and watch our latest video analysis report.