One of the key reasons I clearly stated yesterday morning that “it is now time to start looking at the market from a bullish perspective” was this shift in liquidity. Throughout this cycle, I have closely tracked both the new liquidity indicators that have become increasingly important since the approval of spot Bitcoin ETF and the traditional liquidity indicators that have historically been used to assess market direction. Following Trump’s announcement, ETF demand increased sharply. At the same time, as shown in the data, - Spot Taker Netflow Volume - Futures Taker Netflow Volume both broke decisively to the upside after a prolonged period of consolidation. This was one of the key reasons I clearly changed my market outlook yesterday morning. I always assess the market using a broad range of data, but among them, I place the greatest weight on direct liquidity flows and actual buying pressure entering the market. From that perspective, the current bullish price action is clearly backed by strong and measurable buying pressure. I still leave open the possibility that the market may need more time to fully establish a bottom. There could still be periods of consolidation or short-term pullbacks along the way. But at this point, I no longer think the market should be approached with further downside as the base case. The market should now be viewed through a bullish framework. And as long as these liquidity conditions remain intact, I expect the market to make a strong effort to defend 60K ~ 70K region as a key support zone.(mignolet)