With Bitcoin being range-bound for nearly the past two months, it’s been easy for investors to revert to a bearish mindset. Nothing shows this as well as the funding rates of BTC futures markets, which are now neutral-negative instead of positive.
Key on-chain metrics, however, suggest that the start of the next bull run is imminent.
KEY BITCOIN INDICATOR HITS FRESH ALL-TIME HIGH
The percentage of BTC in circulation that has not moved in over a year has just reached a new all-time high of 62%. That’s according to on-chain analyst Philip Swift,
FAR FROM THE ONLY SIGN
The strong “HODL” mentality of Bitcoin investors isn’t the only bullish sign that Swift has observed.
In May, Swift was one of the first to observed that the Puell Multiple entered a macro buy zone. The Puell Multiple is a metric that is the SD value of BTC issued per day over the one-year moving average of the same figure.
Chart of The Puell Multiple over time from on-chain analyst Philip Swift’s website, LookIntoBitcoin.com
Similar to the HODL Waves, the multiple then reached a region that has marked the start of previous bull runs.
Swift says that the fundamentals agree with his bullish sentiment. He wrote earlier this month:“With mega money printing and growing unrest about (financial) freedoms around the world, dips below the 2yr MA (green line) are increasingly unlikely IMO,” he remarked, referencing how the recent “boring” price action looks exactly as BTC did at the start of previous parabolic bull runs.