Bitcoin Bull Run Still in 'Euphoria Phase' With Room to Grow, Data Suggests

Bitcoin is still in an "euphoria phase" based on on-chain metrics, suggesting the bull run is still early
Despite recent corrections, Bitcoin drawdowns remain relatively small compared to past bull cycles
Bitcoin's strength over the past year is largely due to spot market inflows, per analysis of major exchanges
Short-term correction is being supported by new entrants and fresh demand in the market
Balance of wealth remains between long-term holders and new demand, indicating the euphoria phase is still young historically