Spring is coming soon...... By summing up daily BTC transfers between different entities, valued in USD, and excluding transfers between addresses within the same entity, the remaining amount represents economically meaningful settlement volume. Comparing the 30-day moving average (red line) with the 365-day moving average (green line): When the red line is below the green line, it indicates low on-chain activity, subdued sentiment, and a market in contraction or dormancy—typically a characteristic of a bear market. When the red line is above the green line, it signals a resurgence in on-chain activity; even if sentiment has not fully recovered, entity-level fund movements have entered a trend reversal phase. As the market approaches an expansion phase, the bottom light blue bar turns to 1. As we see now, the coldest winter has passed, and everything is quietly coming back to life...