Bitcoin's on-chain metrics depict the onset of a bull market as the price continues to be dominated by the derivatives market.
, Bitcoin’s current market price is above its realized one of $20,361. This essentially means that market participants are in profit, who are likely to hold their positions as, on aggregate, longer-term holders have been in profit since the beginning of the year, Bitfinex explained.
The creation of new Bitcoin wallets can be observed as the 30-Day Simple Moving Average surpassed its 365-Day SMA in November. Such an uptick in wallet creation typically coincides with or precedes the beginning of bull markets, indicating a potential positive price movement for the crypto shortly.The Bitcoin market realizing more profits than losses further indicates a favorable market condition for sellers. This is yet another sign strengthening the bullish thesis.
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