According to Blockworks, after months of stagnation and false starts, the crypto market is gradually regaining its vitality. Last week, the prices of Bitcoin (BTC) and Ethereum (ETH) rose, and market volatility began again, mainly due to the market's increased expectations for the approval of spot US ETFs. "The market is volatile, mainly affected by investor sentiment," said Konstantin Shulga, CEO and co-founder of Finery Markets. Alex Thorn, head of corporate research at Galaxy, believes that the market may usher in a new round of upward momentum. Thorn analyzed a series of derivative indicators based on on-chain data and found that the gap between the supply of Bitcoin held by long-term holders and the supply of Bitcoin that has flowed in the past 24 hours has continued to widen, indicating a decline in on-chain liquidity. However, not all market observers agree with this view. Lachlan Feeney, founder and CEO of Labrys, said: "I think it is unlikely that the price of Bitcoin will rise further at this stage." Le Shi, head of trading at Auros, also said that although Thorn's comments are accurate in theory, there are challenges in actual operation.