Bitcoin is nearing its all-time high with a favorable Z-Score, while miners limit supply, showing restrained selling. However, on-chain activity, reflecting a growing gap, hasn’t kept up with price growth, raising concerns about the durability of this rally.
Despite the gap, Bitcoin’s Stock-to-Flow ratio increased, enhancing its scarcity narrative. Additionally, new and active addresses have significantly risen, indicating a growing user base that could strengthen the market’s long-term stability if this trend continues.
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