According to glassnode, Bitcoin (BTC) has delivered a 656% gain in its current cycle (2022+), following previous cycles' returns of 1076% (2015–18) and 1007% (2018–22), despite a much larger market capitalization today. This consistent performance highlights that demand growth continues to match BTC's maturation, signaling strong sustained investor appetite. Traders should note that such resilience in growth, even as BTC matures, points to ongoing bullish sentiment and potential for continued long-term appreciation. (Source: glassnode, June 14, 2025)