So, let’s connect the dots between increased capital coming in and its impact on both the realized capital and, more notably, the Realized Profit metric. This week, we saw the Realized Profit metric spike significantly, surpassing its long-term average by more than one standard deviation due to high levels of on-chain spending.
These developments closely resemble the conditions observed at the onset of previous ‘Euphoria’ phases, akin to the bull markets of 2017 and 2021.
