The on-chain picture is looking solid right now. We're seeing fundamental activity bounce back nicely, and profit/loss metrics are moving in the right direction too—nothing dramatic, but it's a constructive shift.

What's catching attention is the capital flow pattern. Money hasn't rushed in aggressively; instead, we're seeing flows flatten out a bit. That's not a red flag though—it actually suggests we're in a consolidation phase rather than a broad sell-off. Early buyers are still quietly accumulating, keeping the pressure steady without the euphoria.

Bottom line: the blockchain data favors the bulls here, but it's more methodical accumulation than FOMO-driven rally.