Despite recent ETF inflows slowdown and liquidity tightening, Bitcoin’s underlying market structure remains robust. New data from Glassnode, Arab Chain, and CryptoQuant paints a picture of mid-cycle consolidation where long-term holders dominate while retail activity picks up again. 📈 Glassnode reports Bitcoin’s Relative Unrealized Loss (RUL) below 5%, indicating most coins are held in profit with minimal pressure to sell. This stable structure has persisted since November, making it one of the longest periods with low losses in Bitcoin history. 💪 While U.S. spot Bitcoin ETFs saw recent net outflows, historical trends indicate that ETF flows stabilizing or turning positive often signal accumulation and a subsequent price surge. 📈 Arab Chain data supports this narrative as sell-side liquidity has decreased to its lowest level since 2018 (3.12 million BTC) while accumulation addresses added over 373,700 BTC in the past 30 days. ⬆️ The Liquidity Inventory Ratio (LIR) at 8.3 months suggests that available liquidity can no longer cover nine months of demand. Historically, similar conditions precede significant price surges as sellable supply dries up. 💨. CryptoQuant’s report highlights a resurgence of retail activity and speculative demand through Binance Alpha 2.0, the exchange’s early-stage token platform. With daily trading volume hitting $10.2 billion in early October, up from August levels, this underscores renewed risk appetite within the crypto market. 💰 Taken together, these indicators point towards a market poised for its next phase of growth. Bitcoin’s stable foundation, declining liquid supply, and renewed trading momentum suggest a breakout above $115,000-$120,000 before year-end, potentially marking the beginning of the next bull cycle.