Bitcoin (BTC) price surged by 50% from its April low, recording an all-time high of approximately $112,000 on May 23rd. Amid this, the market's key indicator, Unspent Transaction Output (UTXO) yield, has reached 99%, drawing significant investor attention.
According to the latest analysis by CryptoQuant, 99% of current Bitcoin UTXOs have entered the profit zone, which has historically been considered an important threshold signaling market overheating. UTXO is an indicator representing unused Bitcoin from previous transactions and is a core metric measuring network-wide unrealized profits.
While the current situation where almost all holders are making profits can be seen as a bullish signal, CryptoQuant analyzed that it is difficult to definitively determine true market overheating due to macroeconomic uncertainties, including potential policy directions of the Trump administration.
Glassnode also warned of "momentum cooling signs" in a recent report. The 14-day Relative Strength Index (RSI) dropped by 25.1%, and spot net demand decreased, indicating weakening short-term buying pressure.
In the derivatives market, open interest and funding rates increased, showing a rise in speculative trading. However, it is noteworthy that the Cumulative Volume Delta (CVD) of perpetual futures is showing a downward trend, suggesting strengthening selling pressure.
Liquidity conditions improved thanks to high unrealized profits and continued activity of short-term holders. Meanwhile, the short-term to long-term holder supply ratio slightly increased, and the realized profit and loss ratio slightly decreased, suggesting market enthusiasm cooled somewhat over the weekend.
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