The Exchange Token Transfer Ratio (US vs. Off-shore) is highly correlated with the BTC price, with a positive correlation of 0.78 since the end of 2022.

There was a mild increase before the ETH ETF event but it is currently continuing to decline. An upward trend in this indicator would be seen as one of healthy price increases.

Written by Crypto_Lion.

Even though the market looks gloomy, BTC still shows bright prospects. This positive correlation shows that BTC can survive even in unfavorable market situations.

However, the persistent decline in exchange token transfer ratios suggests that the market may not have fully recovered. This is an indicator that recovery may take longer.

However, we must remain optimistic. BTC has demonstrated its resilience in the face of market challenges before. Thus, even though the market may not be stable, BTC remains a solid investment option.