ETF flows remain positive, confirming institutional demand.
All the 30 best cycle indicators of Bitcoin are inactive. The last update of October 22, 2025, affirms that not even one has hit their historical highs. This is the information provided by CoinGlass, a reputable on-chain analytics tool. The discovery underlines analyst opinions that the ongoing bull run is still very far off.
Bitcoin MVRZ-score is 1.94 which is significantly lower than its overvaluation level which is 5. The Puell Multiple is 1.11, a half way mark to 2.2, which is the indicator of miner selling pressure. The 22 days RSI is 42.63 compared to the overbought line of 80. These values indicate that the market is at a stable growth stage, and it is yet to be at a blow-off top.
As of today, bitcoin long-term owners possess 15.13 million BTC. The selling level is less than 13.5 million. It implies that holders still accrue rather than disanticipate. The short term holder supply is 24.1 which is also lower than the 30% indicator of profit taking. These indicators indicate that there is still a high level of conviction among the old investors.
There are no significant outflows with respect to ETF-related indicators. The consecutive days of ETF net outflows have been zero with ten days required to indicate market exhaustion. The ratio of ETF to the BTC is now 7.18 which is very high and is far above the danger zone of 3.5. Recent market data has shown that consistent inflows of institutional funds are having effects of stabilizing Bitcoin around the 114,000 mark.
Bitcoin Ahr999 Index is currently at 0.85, which is only 21% of the 4 euphoric level. The Bitcoin bubble Index stands at 13.48 of 80, which is an indication that no bubble was formed. Rainbow Chart scores 3 out of 5, and thus, Bitcoin is in the HODL phase, and not a Sell zone. General mood is good but logical.
History has demonstrated that significant peaks are experienced 12-18 months following every halving. The most recent halving occurred in April 2024 with the anticipated peak expected to be between late 2025 and early 2026. In 2021, such indicators as the Puell Multiple and MVRV Z-Score went above their limits just before the high of 69,000. Present values are still way below those extremes, which imply that there is more to be carried.
The Reserve Risk is at the moment at 0.0023 which is lower than the 0.005 level indicating danger. Net Unrealized Profit/Loss ratio is at 48.9 which is less than the euphoria threshold of 70. It is a combination that shows confidence of holders without greed. Bitcoin control at 59.1 per cent is approaching 65 per cent signal level but has not reached it.
There are also macro conditions that encourage long term growth. Risk appetite has improved as the U.S. dollar index has gotten weak since September. Bitcoin ETF inflows of institutions exceeded 20 billion this quarter. The revenues of miner are high and balanced, which means the ecosystem is healthy and is not overproduced. Deep order book strength is also demonstrated on-chain liquidity in major exchanges.
