Bitcoin touched $97,000 as we entered 2025 but has pulled back slightly. CryptoQuant analysis suggests that BTC is still in a bull market and this is a cooling period. 📉

On-chain data shows that the market is healthy. Indicators such as SOPR and MPI are down, but this is historically a sign of recovery in bull markets. While old whales are selling, US institutions are buying. However, the low premium on Coinbase requires a recovery for the rise. 📊