Grayscale, a leading cryptocurrency investment firm, the Bitcoin market cycle indicator shows that the cryptocurrency market is currently in the mid-stage of a bull market, supported by strong fundamentals and technical factors. Grayscale uses a baseball analogy to describe that we are currently in the middle of the current bull market or the fifth inning.

Grayscale analysts use the unrealized net profit and loss (NUPL) to indicate that the NUPL ratio rises as BTC prices increase.

Grayscale analysts also studied Sentiment data, which shows that retail investor interest is still significantly lower than during the 2021 bull market. In addition, Google Trends data shows that the search interest level for the term "cryptocurrency" is below 40, significantly lower than the peak of 99 in 2021. This suggests that broader public curiosity about cryptocurrencies may not have fully rebounded yet.

After considering these technical and fundamental factors, Grayscale concludes that the bull market will continue. However, the company recommends that investors carefully monitor the inflow of funds into spot Bitcoin ETFs and other macroeconomic factors to look for signs of market changes.