One of the key changes I’ve observed in market behavior since the ETF approval is this In the past, signals from on-chain data and other market indicators would typically be resolved after one or two “fake moves.” Now, that same process tends to repeat three to five times. As a result, the market has become significantly more difficult and complex.The nature of these fake moves has also become far more extreme. Even now, the market is often positioned in a way that makes it feel as though a sharp, explosive rally could happen at any moment, actively stimulating investor sentiment. At the same time, this is happening within certain boundaries. There appears to be a controlled range in which investor expectations are being encouraged and managed. Whether in a bullish or bearish cycle, the broader trend does not change easily.Compared to the past, investors are more informed and have access to far more data. The dominant market participants are fully aware of this and are adapting accordingly, making market behavior increasingly sophisticated and complex. My view remains unchanged.(mignolet)