As $BTC has touched $86k, long leverage is slowly rebuilding in the options market.

Open Interest put/call ratios are moving up.

However, this still remains far from the frothy levels we saw near the BTC top.

Perp speculation also remains muted with funding below neutral.

$BTC remains in a bullish regime, according to various cost basis models and time frames.

Price is trading above both the True Market Mean and the short-term holder cost basis.

Holding above these levels is what historically defines a sustained uptrend.

The altcoin cycle signal has just flipped from bitcoin to altcoin season.

The first rally in August saw altcoins stay relatively flat while BTC moved.

However, today's rally has ignited the full breadth of the altcoin market.

$BTC has reclaimed every one of its long-term moving averages.

After around 300 days underneath them, this dynamic has now flipped.

Holding above them is what maintains a long-term uptrend.

$BTC has flashed the momentum signal that started the last two bull markets.

MVRV has crossed back above its 365-day average.

This is the same cross that we saw in 2019 and 2023 at the beginning of each bull market.

Most altcoin holders are still sitting on losses.

The median coin has less than a quarter of its supply in profit.

Global market tops tend to occur once a majority of supply across the entire market is deep in profit.

That point is still a long way off.

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The four-year cycle playbook many relied on has not worked for this $BTC bear.

At this point, the last three were more than twice as deep and weeks from their lows.

This one is 30% below its high and rising.

A late drop to their depth looks less likely by the week.

Bitcoin is back above the levels that held it down all year.

Our new Week On-chain report maps where it could go next.

Short-term $BTC holders are back above the sell line.

Nevertheless, profit taking has stayed light.

More on this topic, as well as the levels to watch in this week's Week On-chain. 👇

https://twitter.com/glassnode/status/2102766576730812638

Holders are realizing profits on $BTC.

However, the amounts remain relatively low, with $5.1B in net profit realized over the last 7 days.

They look closer to late 2023 levels than to what we saw at major tops.