The Bitcoin trading ratio between US and offshore exchanges (US vs. off-shore ratio) is flashing a strong bullish signal. After declining since BTC’s all-time high in January, the ratio is now reversing, with BTC transfer volumes on US exchanges starting to rise again—a pattern seen in past bull markets. Additionally, the 90-day SMA has crossed above the 365-day SMA, a classic technical signal often preceding major rallies. BTC reserves on exchanges have dropped to just 2.43 million—the lowest since 2018—indicating strong long-term holding sentiment. Meanwhile, the Stablecoin Supply Ratio (SSR) at 14.3 suggests there is still considerable buying power, reinforcing the potential for further upside in the market.