It’s been a volatile 24 hours for bitcoin, with the asset losing nearly 8% after hitting a new all-time high above $73,800. Analysts at onchain analytics firm Glassnode say that’s something to be expected, given the current state of the market.

Of the 10 risk framework metrics, nine are flashing a “very high” risk signal, Glassnode noted in a post on X. This includes the percentage of supply in profit metric, which measures the proportion of coins with a cost-basis lower than the current price of the asset.

“Currently trading at 99.3%, this metric is in the Very High Risk phase. This structure first appeared 94 days ago in this cycle,” said the analysts.

Another metric that signalled high risk was the Net Unrealized Profit/Loss (NUPL) indicator, which shows the state of market sentiment. Currently, that indicator sits at a reading of 0.64, meaning that the market is in a state of euphoria.

During these times, all attention typically turns towards long-term holders, and those who are less inclined to spend their coins. Glassnode’s long-term holder spending binary indicator shows when this subset of people increases their spending patterns onchain. 

“The period of Very High Risk, where the LTH [long-term holders] spending rate is heated with the price reaching the last ATH, started 11 days ago,” the analysts observed. 

The only indicator that remains in the low territory is the miners’ fee revenue binary indicator, which measures the proportion of days over the last month where the fee market experienced increasing pressure from one day to the next.

On the spot bitcoin exchange-traded fund (ETF) front, however, demand still remains in high territory. BlackRock’s iShares Bitcoin Trust (IBIT) traded 99.3 million shares on Thursday, pushing daily trading volume to a record $3.9 billion.

So far, bitcoin ETFs have seen $65 billion in volume this month, already surpassing the total trading volume for the month of February by more than $20 million.