- Supply of $BTC on the exchange reached its lowest level in 7 years => low selling pressure, trending towards accumulation.

- Short-term holders are cutting losses on BTC while long-term holders are continuously accumulating.

- Whales holding over 10k BTC have also shifted to accumulation since March. The sperm whales I monitor are also gathering strongly.

- Hashrate continuously breaks ATH = the cost of mining 1 BTC is increasing. Miners are currently only making slight profits and there is no significant selling pressure from miners.

- DXY continues to decline and has breached the 100 mark, this index has a negative correlation with assets like Gold and BTC. Gold has continuously broken its peak, BTC has not yet but usually will follow gold in a phase.

- The total supply of stablecoins has been continuously increasing, money has been minted heavily from the beginning of the year until now; in the medium to long term, this index has a positive correlation with BTC.

- I checked most on-chain indicators which all show no signals of a cycle peak yet. The recent phase has been a light distribution - accumulation phase for BTC. Altcoins' indicators are all at societal bottoms, hell 😁 This phase resembles the bottom of the Downtrend in August-September 2023 more than the correction phase in 2024.

- The total amount of capital raised in the crypto market in Q1 2025 has reached 60% of the total capital raised in the entire year of 2024.

The market dumped heavily in Q1, but funds and market makers poured a lot of capital into projects; usually during a Downtrend, the market is very bleak and not many projects can raise significant capital, most are silent => something smells 😉

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