Recent data shows an interesting trend in the Bitcoin market: Although the NVT Golden Cross index is declining, the price of Bitcoin continues to rise and inflows into spot ETFs have reached new highs. This indicates that institutional investors are increasingly participating in the Bitcoin space through regulated ETFs, driving prices up even as on-chain activity remains relatively low.

Unlike previous cycles led by retail investors, this new phase reflects a shift towards growth driven by institutions. With ETFs providing a reliable and regulated channel, institutional investors seem to be establishing a solid foundation for Bitcoin, which may stabilize prices and reduce volatility.

The untapped potential as retail investor interest has not fully engaged. As personal demand increases, the price of Bitcoin may break out further, supported by a solid institutional foundation.