As Bitcoin (BTC) strongly breaks through the $94,000 mark, multiple key indicators in the market are releasing positive signals, which may indicate that a new round of upward cycle has quietly begun.
The reversal of stablecoin reserves hides strong buying power.
The latest on-chain data shows that the reserve ratio of Bitcoin to stablecoins on the Binance platform has reversed around $76,000.
This means that the growth rate of stablecoin reserves has begun to exceed that of Bitcoin itself, accumulating sufficient 'ammunition' for subsequent buying.
Historical experience shows that similar trends occurred in early 2020 and late 2022, followed by a large-scale increase.
Now, with the reappearance of this signal, market sentiment is being ignited.
The recent surge in stablecoins suggests that off-exchange funds are gradually flowing back to exchanges.
This trend often indicates that Bitcoin demand will further heat up.
Outflows from exchanges have surged, and long-term holders are returning.
The outflow data of Bitcoin cannot be ignored either.
The recent large-scale outflow of Bitcoin is the strongest since mid-February, indicating that investors tend to hold long-term.
Such outflows usually lead to a tightening of supply within exchanges, laying the foundation for price increases.
Is history repeating itself? The reappearance of signals after two successful warnings.
After the crash in 2020, the rebound of Bitcoin's reserve ratio accurately captured the opportunity for an increase, with Bitcoin soaring from below $6,000 to over $60,000.
The signal at the end of 2022 also helped BTC rebound from $16,000 and regain $30,000.
Now, in 2025, this indicator has turned bullish again, combined with continuous inflows into Bitcoin ETFs, whether history will repeat itself again has become a focus of the market.
The market pattern has changed, and the pace may be more moderate.
It is worth noting that compared to previous cycles, the current market structure has significantly matured.
After the ETF listing, institutional funds gradually took the lead, market volatility decreased relatively, but the underlying buying power became more stable.
However, the current macroeconomic environment remains tight, with high interest rate policies and cautious sentiment still placing certain constraints on capital flows.
Therefore, although the bullish signals are strong, the pace of new funds entering may be more gradual.
Conclusion: The market direction is changing.
Combining on-chain data and historical trends, Bitcoin is at a critical turning point.
The surge in stablecoin reserves, rising outflows from exchanges, and the gathering of potential buyers all provide a solid foundation for the next round of BTC increases.
If it can stabilize above $94,000 and successfully break through the next key resistance level, Bitcoin is very likely to write history again.
