🔍 Bitcoin's current bull market shows striking similarities to the 2015–2018 cycle, with a gradual decline in price appreciation and a drawdown profile that mirrors past trends. Realized Cap has grown 2.1x, suggesting room for expansion as the euphoria phase hasn't fully impacted yet.

📊 Exchange balances have dropped to 2.7M BTC, largely due to coins moving to ETF wallets, not a supply shock. Capital rotation from long-term holders to new investors is driving the market, with recent trends echoing late 2017 and early 2021. This could signal a potential demand exhaustion phase ahead.