Risk sentiment is roaring, Nvidia tops 5T, the S&P 500 and Nasdaq keep printing new ATHs. So what’s happening with Bitcoin? 🤔 This article offers a fascinating angle: BTC is likely having its Tradfi version of IPO moment, a distribution phase, with ancient whales gradually exiting into ETF and institutional liquidity. These phases often last 6–18 months, building the base for Bitcoin’s next rally.(BloFin Research)