Summing up the current market conditions, it can be confidently stated that the market has passed through a phase of significant volatility and is now showing signs of consolidation. Key on-chain activity metrics indicate that short-term speculators are gradually giving way to long-term holders, which is a classic bullish signal. Bitcoin's (BTC) dominance level continues to rise, suggesting a capital shift from altcoins to the most liquid asset.
Key Takeaways for Strategy
First, the MVRV Z-Score indicator for BTC is in a zone that historically precedes the start of a sustained upward trend. This is not a guarantee of growth, but a strong statistical argument in favor of accumulation. Second, trading volumes on spot markets remain above the average values of the last quarter, confirming the presence of real buying interest, not just margin trading.
However, the macroeconomic backdrop should not be ignored. The Fed's rate decisions and inflation data continue to put pressure on risk assets. Any unexpected tightening in monetary policy could trigger a short-term correction, which, however, will be perceived by market participants as an entry opportunity.
My professional opinion: At this point, the market structure looks healthy. We are witnessing a classic cycle of capital redistribution from "weak hands" to "strong hands." I recommend investors focus on fundamentally strong projects with high liquidity and ignore FOMO on memecoins, as their volatility in the current environment carries unjustifiably high risks.