Bitcoin's Recovery Remains Incomplete, On-Chain Data Suggests

Bitcoin's recent price recovery has sparked optimism in the crypto market, with some speculating that the next bull cycle may already be underway.

However, fresh on-chain data from CryptoQuant paints a more measured picture.

The data suggests that while several indicators are improving, they have yet to reach levels historically associated with the beginning of a sustained bull market.

Three key metrics - Apparent Demand, Adjusted Spent Output Profit Ratio (SOPR), and Net Realized Profit and Loss (NRPL) - show meaningful improvement but remain below neutral territory or critical thresholds.

According to CryptoQuant, institutional investors may want to temper expectations as the data suggests Bitcoin's recovery remains in its early stages.