Bitcoin, despite its recent stagnation and resistance at $70,000, continues to have a strong backing from holders. Data from on-chain analysis reveals that more than half of Bitcoin's supply remains dormant, highlighting a prevailing long-term confidence in the cryptocurrency. This inactive supply signals an interesting phase within the cycle. In a recent discussion between Scott Melker and Sidney Powell, the CEO and Co-Founder of Maple, insights were shared regarding the ongoing market dynamics.

Scott Melker pointed out that the current market scenario appears relatively unchanged. The low activity of the supply alongside decreased presence on exchanges contrasts the substantial capital inflows observed, notably with a recent influx of $105 million into ETFs. Despite the lack of significant price movements, a bullish sentiment continues to drive the market. The price stability, refusing both sharp declines and rapid surges, indicates a unique situation at play.

Sidney Powell expressed his perspective, viewing the current lateral movement in prices as a typical phase in the market cycle. He anticipates potential upward momentum before the year concludes and is positioning strategies accordingly. Foreseeing a possible rise in lending rates against Bitcoin, similar to trends witnessed earlier in the year, Sidney highlighted the cyclical nature of such movements.

The CEO emphasized the resilience of Bitcoin, noting that despite expectations of boredom leading to sell-offs, the cryptocurrency maintains its value around $70,000. Conversations with major asset managers overseeing ETFs reveal a consistent narrative of strong capital inflows. Looking ahead, he predicts a forthcoming 'leg up' in the market, with hindsight likely portraying the move as evident, even though it may seem unexpected in real-time.

He mentioned, "I observe a trend towards leverage, although it remains relatively subdued compared to previous cycles. Hence, there is no immediate need for panic among investors."