Just skimmed through the latest report from Binance Research, and the on-chain signals like exchange balances, long-term holder ratios, and unrealized gains/losses are tightening up in sync. The Bitcoin supply is actually shrinking. This indicates that after a washout, the number of folks willing to trade in this price range is dwindling. But because of the thin liquidity, this tightening supply structure is vulnerable to being shattered by small whales; it may look like a bottom signal, but once someone starts dumping, it's easy to break those hanging orders. During this phase, don't rush to see the tightening as a reversal; instead, check if the on-chain structure continues to lean towards accumulation or not, and be more realistic about price predictions.