A crazy signal just appeared on the Bitcoin chain: The current market structure is repeating the conditions before BTC went from $20,000 → $125,000 in 2023. According to the latest on-chain analysis from Unchained Capital: For the first time since the all-time high— Short-Term Holders (STH) as a whole have returned to a state of 'significant profit.' This is a big deal. Why? Because short-term holders represent the most sensitive and panic-prone group of capital in the market. When they go from being completely underwater → back to clear profits, it means the market's chip structure is shifting: Trapped positions are being freed, new money is starting to make gains, and market risk appetite is coming back. The last time we saw a similar structure? It was during that critical breakout in 2023. And we all know what happened next: $20,000 → $125,000. If history rhymes again… We might not be at the end of the bull market, but at the start of the next major rally.