Analyst: Market Not Showing Signs of Overheating, Bitcoin Poised for All-Time High

According to a report by Jinse Finance, CryptoQuant analyst Axel Adler Jr. stated on social media that whenever there is a strong price surge, causing a large number of previously loss-making tokens to quickly turn profitable, the 30-day simple moving average (SMA) of the Unspent Transaction Output (UTXO) profit and loss ratio rises above 200. The higher this indicator soars, the more likely the market is approaching an "overheated" or "sell-off release" phase. The market may still continue to reach new highs, but the "easy fuel" driving the profit and loss ratio upward is essentially exhausted, requiring stronger price momentum or significant volatility to push the indicator higher again.