Bitcoin reached an all-time high of $109,114, but was hit by a correction reducing its value by 20%. Is this the end of the bull run or just a temporary dip?
From distribution to potential accumulation
Bitcoin's market cycles are driven by phases of accumulation and distribution. After a distribution phase in late February 2025, the Accumulation/Distribution (A/D) Indicator shows accumulation may be resuming.
Contracting liquidity limits Bitcoin’s upside
Decelerating inflows are hampering price increases as trading activity falls. Glassnode data indicates the market struggles to grow without new capital influx.
UTXO age data reveals strong holder conviction
Long-term investors are holding onto their assets despite market fluctuations. Analysis shows a significant portion of Bitcoin capital remains with long-standing holders.
ETF flows and market impact
ETF data presents mixed signals: some funds attract substantial inflows, while others face outflows. Institutional interest continues to support market sentiment.
Closing thoughts
Bitcoin is navigating a complex post-ATH environment. While liquidity is contracting, accumulation rebounds, and institutional flows sustain market sentiment, possibly indicating healthy consolidation rather than the end of the current bull cycle.
The Bitcoin market is balancing short-term challenges with long-term strength. The current situation is likely a healthy consolidation, not the end of a bull run.
