Nearly all unspent transaction outputs (UTXO) in the Bitcoin (BTC) blockchain are currently profitable, meaning that 95% of those funds were received by users when BTC was worth less than today, according to crypto analytics platform Glassnode.

An unspent transaction output is created when someone sends a Bitcoin transaction. If they have two Bitcoin and they send one Bitcoin to a friend, they actually have to cough up both Bitcoin. One gets sent to the friend and the other gets sent back to the original person as a UTXO.

And according to Glassnodes, nearly all the Bitcoin sitting as UTXOs is worth more now than when it was last sent.

“Extended periods at this level and above are characteristic of bull runs as BTC moves towards new all-time highs,” Glassnode tweeted.

Bitcoin broke the $10,000 and $11,000 marks on July 26–27, driving the crypto market into a strong rally. As a result, trading volumes have doubled and Bitcoin is being pumped back into exchanges. Currently, BTC is up 1.7%, trading at $11,720, according to CoinMarketCap.

While Bitcoin may be down from its all-time high of $20,000 in late 2017, it’s actually reaching new highs in terms of realized market cap. This is a metric that weights the current Bitcoin price against the number of coins sold at that price. As a result, if only a handful of coins are sold at $20,000, the average will be much lower.

Further, more Bitcoin wallets are being used each day. According to Glassnode, the number of daily active Bitcoin wallets is now 1 million. This number hasn’t been so high since January 2018.

Whether it’s a bull run or not, the Bitcoin market is looking bright.