CryptoQuant: BTC is stuck between the accumulation zone and the market expansion zone. This is indicated by their DTMM indicator.

Right now DTMM - 2,03, on time as:

- accumulation zone - below 1,5;

- expansion zone - above 2,5;

- distribution zone - above 3,5.

That is, BTC has already noticeably moved out of the cheap valuation area typical of accumulation, BUT it has not yet received a strong enough inflow of capital to move into the active expansion phase.

Other data confirms this intermediate picture:

- the average buy price of short-term holders is about $69,370, which currently provides a buffer;

- their MVRV is 1.13, meaning the average profit is about 13%, and we’re still far from euphoria;

- funding rates are around neutral 0.0056 — there’s no leverage overheating;

- The Coinbase premium remains negative, indicating weak spot demand from US buyers.

That creates a fairly clear picture: the market is no longer in an accumulation phase, BUT a new strong growth phase has not been confirmed yet. To move into the next phase, DTMM needs to steadily rise above 2.5, and on the spot market side it would be good to see the return of noticeable demand.