Odaily News Glassnode’s latest on-chain report points out that BTC has broken through the psychological barrier of $40,000, with a year-to-date return of +140%, far outperforming gold. Compared to previous cycles, BTC’s return curve is very similar to the 2015-18 (+119%) and 2018-22 (+128%) cycles in terms of recovery duration and pullback since ATH. At present, the vast majority of BTC investors have returned to a floating profit state, and several indicators have entered the uptrend area. From an on-chain trading volume perspective, year-to-date capital flows in and out of exchanges have grown significantly from $930 million to over $3 billion (+220%), underscoring investor interest in trading, accumulation, speculation, and other There is growing interest in leveraging the services offered by exchanges; exchange deposits are currently dominated by large investors, which could be a sign of institutional entry as the January 2024 spot Bitcoin ETF decision date approaches. In addition, the year-to-date rebound has increased the proportion of floating profits held by long-term holders (Long-Term Holder) from 56% to 84%, exceeding the historical average of 81.6%; The proportion of floating profits exceeds 95%.