Recent data reveals that Bitcoin’s price movement is mirroring historical peaks in past bull markets, with the NUPL metric signaling a shift from optimism to euphoria. This surge coincides with short-term holders (STHs) comprising a significant portion of the realized cap and impacting buying patterns. CryptoQuant’s analysis suggests this may be signaling Bitcoin’s final expansion before a potential market correction. The high ratio of STH ownership, reaching a record 44% according to CryptoQuant data, indicates that newer investors are inheriting supply from more seasoned players who have profited in recent years. While institutional involvement is driving a more stable form of euphoria, the risk for short-term holders is evident as they may not reach profitability without consolidation, leading to speculation regarding Bitcoin’s potential price ceiling.