Spring is almost here... By summing up the BTC transfers between different 'entities' each day in USD terms, while excluding internal transfers within the same entity, we can get a figure that reflects the actual economic settlement volume. Using the 30-day moving average (red line) and the 365-day moving average (green line) for comparison: When the red line is below the green line, it indicates low on-chain activity, bearish sentiment, and a market in contraction/dormancy. This is typically a characteristic of entering a bear market. When the red line is above the green line, it signals a recovery in on-chain activity. Even if sentiment hasn’t fully rebounded, the financial behavior of entities has entered a trend reversal phase. When the market is about to enter an expansion phase, the light blue bar at the bottom shows as 1. As we can see now, the coldest winter has passed, and everything is quietly coming back to life... #Crypto #BTC #Blockchain #MarketTrends