Recently, market volatility has significantly increased, but on-chain data shows that long-term holding addresses are still growing. Personally, I believe we are in the early to mid-stage transition of a bull market.

A few key observations:
1. BTC ETF capital flow remains steady
2. Altcoin rotation is starting to become active
3. Market sentiment has not yet reached extreme FOMO

If a key resistance level is broken, capital may accelerate its return.

What stage do you think we are in the bull market? Share your thoughts in the comments.
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