# Has the encryption bubble really arrived? On-chain data speaks.

BTC is approaching $120,000, SOL/ETH/XRP have both doubled in the past six months, and the term "Bubble 2.0" is everywhere. But let's see what the on-chain data has to say—

**Why are prices rising but it's not mania**:
- The fear and greed index is only 67 (historical extreme of 90+), far from being as crazy as in 2021.
- The search popularity for BTC is actually low, with no signs of retail investors pouring in wildly.
- The leverage level is far lower than in 2021, and the liquidation risk is not high.

**Institutions are quietly taking over**: Spot BTC ETFs have absorbed 50 billion USD over the past 18 months, and this money is locked in cold wallets to earn interest, which is not a strategy for speculators.

**The key point is that there is a fundamental**: Solana's network fees and application revenue have reached new highs, XRP is involved in government bond tokenization and banking compliance tools, this is not just pure speculation - the coins are being utilized.

Meme coins? With a valuation of only 64 billion, it's just a fraction of the entire encryption market of 37 trillion.

**Conclusion**: Hot, but nowhere near overheated. Macro liquidity is still loose, and policies are friendly, there are opportunities. But don't be scared off by the word "bubble" — the current market temperature is not even on the same scale as it was in 2021.