Bitcoin has surged past $101,000, fuelling speculation that the market has entered a euphoric phase. Headlines are growing louder, and social sentiment reflects rising concern over whether this marks the end of the cycle.

However, objective on-chain cohort flows tell a far more composed story. Bitcoin’s largest and mid-tier holders remain disciplined, showing no signs of panic or heavy distribution.

In my assessment, this continues to reflect textbook mid-cycle behaviour — rotation, not exhaustion.