Bitcoin [BTC]: Look out for these bull run signs the next time you check the maps

Bitcoin [BTC] feeling the heat of the pullback again after breaking the $25k resistance level in the last 24 hours. At the time of writing, the crypto was trading at $24,750 on the back of a 0.75% daily gain. In fact, it also seemed to end the week on a positive note with weekly gains of over 7.75%.

A new dawn?

The cryptocurrency has reflected on the bullish activity of the past few days, which has intrigued investors recently. There are now serious calls among market skeptics that a fifth bull run could be on the cards soon enough. There are also some researchers who believe that Bitcoin’s run is a result of “biting into Ethereum’s Merge news.”

However, it is worth pointing out here that Bitcoin has seen its stock rise following Blackrock’s latest announcement.

What happened?

Blackrock, an $8.5 trillion asset management giant, has launched a private Bitcoin trust for its US institutional clients.

“Despite the sharp decline in the digital asset market, we continue to see significant interest from some institutional customers in how they can efficiently and cost-effectively access these assets using our technology and product capabilities,” the company said.

In his latest assessment, IntoTheBlock’s Head of Research Lucas Outumuro shared his insights on Bitcoin’s latest trends. He claimed that large transactions have become far more common. Since the summer of 2020, the percentage of large transactions (above $100,000) of Bitcoin has remained between 97% and 99.9%.

However, throughout 2021, the number will remain consistently at 99%. It later fell to around 98% during the bear market.

These large wallets continue to dominate not only transactions, but even hodling calculations as well. The largest Bitcoin holdings are held by long-term oriented entities, according to Outumuro.

Also, around 60% of Bitcoin’s supply has been held for over 1 year. The record of 24.3% has also been held for over 5 years.

Another major development has been noted among Bitcoin investors.

In accordance Glass node, Bitcoin’s percentage in profit (7d MA) just hit a 3-month high of 62.73%. A rising profitability index has historically paved the way for an influx of STHs on the network. This could prove to be a big factor, especially if Bitcoin were to stage another bull run on the charts.

Source: Glassnode

Another bullish indicator was pointed out by Santiment recently. According to its Updatethroughout 2022, Bitcoin and the S&P 500 had a close correlation.

“They spent the first half of the year falling before a recovery began in June, lately BTC has fallen behind, and historically a lower dependency is good for crypto long-term.”

As shown below, Bitcoin is starting to diverge from the S&P 500 recently. Could this be the last push for 5^th bull run or is it just another hopeful metric for maxis?

Source: Sentiment

Well, crypto veteran Bobby Lee remains bullish on Bitcoin, despite the volatility in digital asset prices. In an interview with Bloomberg, Lee stated that both Bitcoin and Ethereum could scale back to their November 2021 ATHs.

“If the bear market does not materialize, you can easily see Bitcoin and Ethereum go back to their previous highs, especially with this upcoming upgrade for Ethereum. This is very important for the cryptocurrency ecosystem. Everyone expects it. On the other hand, if it really is a bear market, I think it’s a short-term one-to-two-year affair. And it’s just to set the stage for a big new super rally in the coming years.”