The Bitcoin market is experiencing a speculative phase driven by increased activity from new whales, according to on-chain data. The Net Unrealized Profit/Loss (NUPL) has reached +0.52, a level historically associated with market euphoria and speculative trading. Short-term holders now account for 44% of Bitcoin's realized capitalization, marking a record high. This shift is supported by increased liquidity, a robust stablecoin supply, and growing institutional participation, which are fueling speculative buying. Despite the dominance of short-term trading, Bitcoin prices remain elevated as long-term holders continue to realize profits.