🚀 Bitcoin's been on a roll, folks! 🎉 Over the last year, we've seen a surge in spot trade volume and exchange deposit and withdrawal volumes, supporting Bitcoin's strong performance. Even with some net selling activity in 2023, corrections have been historically mild, less than 20%. 📉

Long-term holders took profits when Bitcoin hit the $73k ATH, but things are cooling down now. Meanwhile, the US spot ETFs have brought in new demand. 📈 Daily volumes peaked at ~$14.1B in mid-March, matching the height of the 2020-2021 bull market. Now, volumes are around $7B/day. 📊

Binance still leads in spot markets with a 37.5% share, but this dominance is declining. In 2021, Binance accounted for around 50% of trade volume, and an incredible 85%+ in the deepest phase of the 2022 bear market. 🐻

Looking at the on-chain transfer volumes, there's a positive momentum signal since July 2023, suggesting heightened coin flow in and out of exchanges. The monthly average of total Exchange Flows is currently at $8.19B per day, significantly higher than the peak in the 2020-2021 bull market. 💰

The new US Spot ETFs have become a dominant force in the market, introducing a significant source of new demand. This new demand more than offsets the daily issuance and sell-side pressure from GBTC and existing holders. 🌐

In conclusion, Bitcoin's YTD price action is supported by a significant uptick in spot trade volume, and exchange flows onchain. The balance of wealth is approximately balanced between long-term holders and new demand, suggesting the 'Euphoria' phase is still relatively early from a historical perspective. 🎯

Remember, this is just for fun and education, not investment advice! Stay savvy, crypto enthusiasts! 🚀🌕