The magnitude of unrealized profit held by LTHs can be considered as a measurement of the incentive for this group to spend coins, and take chips off the table. We can visualise this psychological incentive using the LTH-NUPL metric.
At the time of writing, LTH-NUPL is at 0.66, which resides between levels associated with the pre-euphoria phase . This condition has been in play for 96-days, which is a very similar duration to the 2016-17 cycle.
Glassnode records a significant increase in the number of new wallets in BTC.
Also, of the addresses active in the last day, 237 thousand purchased BTC in the range of $61 thousand to $62.6 thousand, indicating significant demand in the current price range
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