Analysis: The Bitcoin bull run has not yet ended, and the recent pullback seems more like a "digestion period".

Odaily News Crypto Assets investment company XWIN Research Japan analyzed in an article on Cryptoquant, pointing out that despite the recent fluctuations causing traders to feel uneasy, on-chain data continues to indicate that the Bitcoin bull run has not yet ended. The recent Bitcoin pullback does not appear to be the end of the rebound, but rather a “digestion period” for the market. Although the market has cooled from an overheated state, investors are still enjoying healthy returns. Additionally, the market value to real value (MVRV) ratio of Bitcoin has dropped to 2, which may suggest that after market consolidation, the expansion phase will begin, and this cycle has not yet reached its endpoint.