5 OF 7 ON-CHAIN INDICATORS SUGGEST THE BULL RUN IS JUST BEGINNING

Are you ready for the next crypto boom? Cardano (ADA) had a tumultuous performance in 2025, beginning with a peak in March, followed by a lengthy six-month correction. However, in November, the ninth-largest cryptocurrency experienced a remarkable surge, soaring 300% and hitting a new yearly high of $1.32. Unfortunately, the excitementDespite the sideways market action of the last three months, numerous signs point towards the early stages of a significant bull run.The total cryptocurrency market capitalization has been hovering around $2.5 trillion since the end of February, leaving many investors wondering about the future.However, seasoned analysts are looking beyond the immediate price stagnation, focusing instead on on-chain indicators – metrics derived directly from blockchain data.These indicators provide a deeper understanding of market behavior, revealing underlying trends often hidden from traditional market analysis. The RPLR indicator moves higher when holding occurs since more coin days are created, and liveliness moves toward zero. The opposite happens when more selling occurs. Historically, the ETH price crossed the indicator at the beginning of the bull run (black circle) and fell below it a maximum of once before resuming its ascent. In the currentOne such analyst, ELI5 of TLDR, recently highlighted five key on-chain indicators that strongly suggest the bull market is not just coming, but has, in fact, already begun.We'll delve into these crucial signals, exploring how they paint a bullish picture for Bitcoin and the broader cryptocurrency market. Cryptocurrency analysts recently reported that onchain indicators suggest that the bull run is just beginning. These indicators, which measure activity on blockchains, have shown signs of reactivation after a period of stagnation.Understanding these metrics can empower you to make more informed decisions and potentially capitalize on the opportunities that lie ahead. 5 of 7 on-chain indicators suggest the bull run is just beginning cointelegraph.comSo, buckle up and get ready to explore the data that's whispering promises of a new crypto spring!

Understanding On-Chain Analysis for Crypto Bull Runs

Before diving into the specific indicators, it's crucial to understand the power of on-chain analysis.Unlike traditional financial markets that rely heavily on news sentiment and company earnings reports, the cryptocurrency market provides a transparent ledger of all transactions. เมนู. ข่าวคริปโตเคอเรนซี่. ข่าว Bitcoin; ข่าว Ethereum; ข่าว Binance Coin; ข่าว DogecoinThis ledger, the blockchain, allows us to track the flow of funds, the activity of wallets, and the behavior of miners, all in real-time.On-chain analysis leverages this data to identify patterns and trends that can signal potential market movements.

Think of it as having access to the inner workings of the cryptocurrency ecosystem.You can see where money is flowing, who is accumulating, and how confident holders are in their positions.This insight can be invaluable for predicting future price action and identifying opportunities before the masses.

Why On-Chain Indicators Matter

• Transparency: Blockchain data is publicly accessible, ensuring transparency and reducing the potential for manipulation.
• Real-time insights: On-chain metrics update continuously, providing a real-time snapshot of market activity.
• Data-driven decisions: On-chain analysis allows for data-driven investment decisions, reducing reliance on speculation and hype.
• Early trend detection: By monitoring on-chain metrics, you can identify emerging trends before they become widely recognized.

The 5 Key On-Chain Indicators Signaling a Bull Run

Now, let's explore the five key on-chain indicators that, according to analyst ELI5 of TLDR, suggest the bull market has begun.These indicators, individually and collectively, provide compelling evidence that the current market conditions are favorable for continued growth.

1.Bitcoin Market Dominance Above 56%

Bitcoin market dominance refers to the percentage of the total cryptocurrency market capitalization that is attributed to Bitcoin. Despite recent market consolidation, on-chain metrics like the Bitcoin MVRV Z score, Puell Multiple, and hodl waves signal a bullish outlook. Analyst ELI5 of TLDR points to five key indicators suggesting the bull market may be starting. Key Indicators. 1. Bitcoin Market Dominance - Historically, high Bitcoin dominance marks the start of bullHistorically, a rising Bitcoin dominance has been a precursor to bull runs. 5 of 7 on-chain indicators suggest the bull run is just beginning On-chain indicators such as the Bitcoin MVRV Z score, Puell Multiple and HODL Waves paint a bullish picture for Bitcoin investors. Read more on CointelegraphThis is because, during bear markets, investors often sell their altcoins and consolidate their holdings into Bitcoin, which is seen as a safer and more established asset.As Bitcoin dominance rises, it indicates a renewed confidence in the market leader and a shift towards a ""risk-on"" sentiment.The current Bitcoin dominance exceeding 56% strongly suggests a bullish outlook.This is often the first phase, with Bitcoin leading the charge before altcoins begin to rally later in the cycle.

For example, consider previous bull runs.Before the significant price increases, Bitcoin's dominance often spiked. More precisely, the analysts believe the transfers of assets from spot to derivatives platforms show that traders have entered a risk-on mode, which suggests the beginning of a new bull cycle.This initial surge draws investors back into the market, creating a foundation for further growth.

2.Transfers from Spot to Derivatives Platforms

Another critical indicator is the movement of assets from spot exchanges to derivatives platforms.This shift signifies that traders are increasingly engaging in leveraged trading, particularly using futures and options.A higher volume of assets being transferred to derivatives platforms indicates a willingness to take on more risk, suggesting a bullish outlook.Traders are essentially betting on further price increases, fueling the market with increased buying pressure.The analysts believe that the transfers of assets from spot to derivatives platforms show that traders have entered a risk-on mode, which suggests the beginning of a new bull cycle.

Think of it this way: when traders are confident in a continued uptrend, they are more likely to use leverage to amplify their potential profits.This increased demand for leverage creates further buying pressure, driving prices higher and reinforcing the bullish narrative.

3. Cointelegraph by Martin Young On-chain indicators such as the Bitcoin MVRV Z score, Puell Multiple and hodl waves paint a bullish picture for Bitcoin investors. SourceBitcoin MVRV Z-Score

The MVRV Z-score is a powerful on-chain metric that compares Bitcoin's market value to its realized value.Market value represents the current price of Bitcoin multiplied by the circulating supply.Realized value, on the other hand, is the aggregate price at which each Bitcoin was last moved on the blockchain. There are five key on-chain indicators that suggest a bullish outlook for the price of Bitcoin. With market dominance above 54% and miner revenue per hash still strong, the data points to more potential gains ahead.The Z-score standardizes the difference between these two values to identify overbought and oversold conditions. Despite crypto markets having consolidated sideways for the past three months, at least five on-chain indicators suggest the bull market may just be getting started, according to an analyst. Since the end of February, the total market capitalization of crypto has been range-bound at around $2.5 triA low MVRV Z-score suggests that Bitcoin is undervalued and potentially poised for a rally, while a high score indicates overvaluation and a possible correction.The current MVRV Z-score paints a bullish picture, suggesting that Bitcoin has room to grow.

In simpler terms, the MVRV Z-score helps determine if Bitcoin's current market price is justified by its underlying fundamentals. On-Chain Indicators Suggest Bitcoin Bull Run is Just Beginning, Analyst Claims Show more Show less. Upvote 0 0 commentsWhen the market value is significantly lower than the realized value, it suggests that Bitcoin is trading below its ""fair value,"" making it an attractive investment opportunity.

4.Puell Multiple

The Puell Multiple is a metric that compares the current daily issuance of Bitcoin (in USD) to its one-year moving average.It helps to identify periods when miners are generating significantly more or less revenue than usual. Since hitting its peak, Bitcoin has slid 14%, stirring fears among investors. While many on-chain indicators suggest the bull run may still have room to grow, other metrics such as the age of market participants and levels of unrealized profits are signaling caution, hinting at a possible cycle end.A low Puell Multiple indicates that miners are under pressure and potentially selling their Bitcoin holdings to cover costs. BlockBeats news, May 20, according to Cointelegrah, Bitcoin MVRV Z-score, Puell Multiple and HODL Waves and other on-chain indicators paint a bullish picture for Bitcoin investors. As analyst TLDR's ELI5 emphasized in an article on X on May 19, five on-chain indicators show that it has just begun, namely:Bitcoin market share exceeds 56%: Historically, cryptocurrency bull markets have begunThis selling pressure can create a buying opportunity, as miners are typically forced to sell at lower prices. Apesar dos mercados de criptomoedas terem se consolidado lateralmente nos ltimos tr s meses, pelo menos cinco indicadores on-chain sugerem que o mercado de alta pode estar apenas come ando, de acordo com um analista. Desde o final de fevereiro, a capitaliza o de mercado total das criptomoedas tem ficado est vel em cerca de US$ 2,5A high Puell Multiple, on the other hand, suggests that miners are generating substantial revenue and are less likely to sell, which can support price appreciation. This price level follows a historic rally post the 2025 Bitcoin halving, which occurred on Ap, reducing the block reward to 3.125 BTC. Historically, halvings have acted as catalysts for bull runs, often marking the early stages of a cycle, which aligns with Dragosch s hypothesis of a cycle just beginning.The current Puell Multiple suggests a bullish outlook, indicating that miners are not under significant pressure and are potentially accumulating Bitcoin.

The rationale behind the Puell Multiple is that miners are a crucial part of the Bitcoin ecosystem.Their behavior can have a significant impact on price action. Despite crypto markets having consolidated sideways for the past three months, at least five on-chain indicators suggest the bull market may just be getting started, according to anWhen miners are financially healthy, they are less likely to sell their Bitcoin, reducing selling pressure and supporting price growth.

5. As analyst ELI5 of TLDR highlighted in an article on X on May 19, these five on-chain indicators suggest that everything has just begun. Source: ELI5. Bitcoin Market Dominance Exceeds 56%. Historically, cryptocurrency bull runs started with high Bitcoin dominance, with most traders selling altcoins during previous bear cycles.HODL Waves

HODL waves represent the distribution of Bitcoin held for different periods of time. According to one analyst, there are at least five on-chain indicators that suggest the bull market may just be getting started. Since the end of February, the total market capitalization of cryptocurrencies has been stuck around $2.5 trillion.They provide insights into the behavior of long-term holders (HODLers) and their conviction in the asset.During bull markets, the percentage of Bitcoin held for longer periods typically increases, indicating that HODLers are unwilling to sell and are confident in further price appreciation.Changes in HODL waves can signal shifts in market sentiment and potential turning points.Current HODL wave data suggests a bullish outlook, with a significant portion of Bitcoin being held for extended periods, indicating strong long-term conviction among holders.This indicates that much of the supply is locked up, and less is available to trade.

Think of HODL waves as a measure of market maturity.As more people hold Bitcoin for longer periods, it suggests that they view it as a store of value rather than a speculative asset.This long-term holding reduces the available supply, making Bitcoin more scarce and potentially driving prices higher.

Beyond the Five: Other Bullish Indicators

While the five on-chain indicators highlighted by ELI5 of TLDR offer strong evidence of a potential bull run, other metrics also support this bullish outlook:

• Miner Revenue per Hash: Strong miner revenue suggests a healthy and sustainable ecosystem, incentivizing miners to continue securing the network.With miner revenue per hash still strong, the data points to more potential gains ahead.
• RPLR Indicator: The RPLR indicator moves higher when holding occurs since more coin days are created, signaling a bullish trend.

Potential Roadblocks and Cautions

It's crucial to remember that no indicator is foolproof, and the cryptocurrency market is inherently volatile.While these on-chain indicators paint a bullish picture, it's essential to be aware of potential roadblocks and exercise caution.Some analysts have warned of caution based on the age of market participants and levels of unrealized profits.This might hint at a possible cycle end.

Factors to Consider:

• Market Sentiment: External factors, such as global economic conditions and regulatory developments, can significantly impact market sentiment and override on-chain indicators.
• Black Swan Events: Unexpected events, such as exchange hacks or regulatory crackdowns, can trigger sudden market corrections.
• Over-Leverage: Excessive leverage in the market can amplify price swings and increase the risk of liquidations.
• Altcoin Performance: While Bitcoin often leads the charge, the performance of altcoins can also provide insights into the overall health of the market.A strong altcoin season can indicate a broader risk-on sentiment.

Practical Implications and Actionable Advice

So, what does all of this mean for you?Here are some practical implications and actionable advice based on these on-chain insights:

1. Do Your Own Research (DYOR): Don't blindly follow any single indicator or analyst.Conduct your own research and understand the underlying principles of each metric.
2. Diversify Your Portfolio: Don't put all your eggs in one basket.Diversify your cryptocurrency holdings to mitigate risk.
3. Manage Your Risk: Use stop-loss orders and manage your leverage carefully.Avoid over-extending yourself and risking more than you can afford to lose.
4. Stay Informed: Keep up-to-date with the latest on-chain data and market news.Monitor key indicators and adjust your strategy accordingly.
5. Consider Dollar-Cost Averaging (DCA): DCA involves investing a fixed amount of money at regular intervals, regardless of the price.This strategy can help reduce the impact of volatility and smooth out your returns.
6. Focus on Long-Term Fundamentals: While short-term price fluctuations are inevitable, focus on the long-term fundamentals of the cryptocurrencies you invest in.Look for projects with strong teams, innovative technology, and real-world use cases.

Answering Common Questions

What is the Bitcoin Halving and how does it affect the bull run?

The Bitcoin halving is an event that occurs approximately every four years, where the block reward given to miners is cut in half.Historically, halvings have acted as catalysts for bull runs, often marking the early stages of a cycle.This is because the reduced supply of new Bitcoin entering the market creates upward pressure on prices.The 2024 halving, which reduced the block reward to 3.125 BTC, aligns with the hypothesis of a cycle just beginning.

Are on-chain indicators always accurate?

No, on-chain indicators are not always accurate.They provide valuable insights into market behavior, but they should not be used in isolation.It's essential to consider other factors, such as market sentiment, economic conditions, and regulatory developments.Always use a combination of technical analysis, fundamental analysis, and on-chain analysis to make informed investment decisions.

What are the risks of investing in cryptocurrency during a bull run?

Investing in cryptocurrency during a bull run can be highly profitable, but it also carries significant risks.Prices can rise rapidly and unsustainably, leading to a bubble.It's important to be aware of the potential for a sharp correction and to manage your risk accordingly.Avoid chasing pumps and focus on long-term value.

Conclusion: Are We Really at the Beginning of a Bull Run?

The evidence is compelling.The convergence of these five on-chain indicators – Bitcoin market dominance, transfers from spot to derivatives platforms, the MVRV Z-score, the Puell Multiple, and HODL waves – paints a picture of a market poised for significant growth.While caution is always advised in the volatile world of cryptocurrency, the data suggests that the bull run is not just a possibility, but a strong probability.Whether it's the historical significance of Bitcoin dominance, the risk-on sentiment reflected in derivatives trading, or the long-term conviction of HODLers, the signals are undeniably bullish.These key takeaways empower you to make informed decisions in the ever-evolving cryptocurrency landscape.As always, remember to do your own research, manage your risk, and stay informed to navigate the market successfully.The crypto spring may indeed be upon us!