According to the long-term holder net unrealized profit/loss (NUPL) metric, Bitcoin has entered the euphoria phase. Quinten François, co-founder of WeRate, wrote in an X post on December 7 that this could extend bitcoin's rally until the end of 2025: "Bitcoin is entering an excitement phase. There are at most 12 months before the peak of the cycle."
According to Lookonchain data, a trader spent 5490 SOLs ($1.07 million) to purchase 9.58 billion MEW (10.8% of total supply), becoming the largest buyer and holder of MEW with unrealized profits exceeding $20 million.