The on-chain data from the past couple of days is pretty interesting.

Let’s start with the capital side—the aggregate Delta across the network (spot + derivatives) over five consecutive hours. During the previous downtrend, bull rebounds never exceeded +$1.5 billion, while bears often managed outflows of -$2 billion to -$3 billion. But things changed the day before yesterday and yesterday: bulls pulled in +$1.5 billion and +$2 billion, respectively, marking the first time this kind of strong, sustained inflow has happened. What does this indicate? Sentiment has shifted. It’s no longer just bottom fishing for a bounce; people are now adding to positions following the trend.

Now, looking at the order book. Previously, bulls would always stall at the first sign of selling pressure, but now? Price is consolidating around $90,000, holding strong despite a significant imbalance of sell orders. If this level can hold for 12 to 24 hours without breaking down, it’s basically a confirmed reversal signal. Here’s another micro detail: On some top platforms, nearly 2,000 BTC worth of aggressive sell pressure hit the market, yet the price didn’t break—this is classic bull divergence, showing that passive buying interest around $90,000 is solid.

These signals aren’t hindsight analysis. I didn’t see it this way the first time we hit $90,000, but this time the data is clear: the bull-bear balance has tilted toward the bulls.

On the macro side, things are aligning too. Vanguard (the world’s second-largest asset manager, managing several trillion dollars) is opening up BTC ETF access, and Bank of America is allowing wealth advisors to allocate 1%-4% of client portfolios to crypto assets—both clear signals of new money entering the market. On the Fed’s side, QT has paused, there’s the FOMC meeting, and the TGA is releasing liquidity. Some say these are forced narratives, but liquidity improvement is a fact.

By the way, MSTR announced a $1.44 billion dividend reserve a couple of days ago, which essentially resolves their short-term cash flow concerns.

All in all, data + capital + policy—this bull run doesn’t look like a flash in the pan.