Glassnode: The rally of Bitcoin is reinforced by strong on-chain data.

According to the latest Market Pulse report from Glassnode, the bullish trend that pushed Bitcoin above the $125.8K mark last week did not stem from a wave of speculation, but was backed by solid on-chain factors.

On-chain data shows that network activity is picking up again, with the number of active addresses increasing by 11%, reflecting the influx of new users and investors entering the market. Additionally, nearly all Bitcoin holders are currently in profit, a rare signal usually accompanied by healthy market phases, rather than speculative bubbles.

Glassnode emphasizes that the synchronized expansion across both the spot market, derivatives, and on-chain is creating a sustainable foundation for the bullish trend. "The new record of Bitcoin is supported by structural capital flow, strong ETF inflows, and increased on-chain activity, rather than speculative excess," the analytics firm noted.

In addition, the dollar value of open futures contracts has nearly reached $100 billion, reflecting the large scale of capital flowing in the Bitcoin ecosystem. Glassnode sees this as a sign of market maturity, as institutional and professional investor flows play an increasingly significant role in shaping prices.

In summary, according to Glassnode, Bitcoin is bullish based on real fundamentals, with ETF capital flows, network activity, and market structure all supporting it, rather than just a short-term speculative "frenzy."