For this round of BTC’s rise, I feel the biggest difference from before isn’t that it’s rising faster—it’s that the reasons for the rise have changed.

In the past, whenever the market heated up, everyone’s first reaction was:

Which MEME has doubled again?

Which KOL is calling trades again?

But these days, I’m seeing more people discuss:

Whether ETF inflows will continue?

Why the US dollar is weakening?

Whether there’s any new progress in regulatory policy?

These changes show that Crypto is being influenced more and more by macro funds, rather than just market sentiment.

So lately, when I look at the market, I’ve gotten used to checking a few key data points first:

- Are fund flows continuing?
- Is on-chain activity active?
- Are stablecoins flowing in?
- Have big addresses shown any unusual movement?

Many times, price is just the final outcome.

The real change often happens first in capital and on-chain.

Recently, I basically use Ave.ai to look at these data—observing trades, liquidity, and fund flows together.

My biggest takeaway from this cycle is:

News can affect a day,

but capital determines a phase.

Do you think this rally means the bull market is back, or the beginning of a re-pricing by institutional capital?