Bitcoin has yet to see overheating signal, says CryptoQuant analyst

In a recent update on X, CryptoQuant analyst Axel Adler Jr. stated that the market has not yet shown signs of overheating as the 30-day simple moving average (SMA) of the Bitcoin UTXO profit-to-loss ratio currently stands at 99. If this indicator continues to rise above 200, however, it hints at the start of a euphoria. The analyst noted that "the market could still reach new highs, but the 'easy' fuel for the P/L metric has almost been exhausted." As a result, a much stronger driver or sharp volatility is required for the indicator to ascend again, according to the analyst.