Why Bitcoin Bull Market Has Not Started Yet?

Investors expect a Bitcoin bull market driven by ETFs, but IntoTheBlock suggests it might not be happening yet.

High Bitcoin inflows to Centralized Exchanges (CEXes) are usually associated with selling, contradicting investor expectations.

Despite a Bitcoin price dip, the average holding time reached an all-time high in December, indicating long-term investors were selling.

In January, larger holders increased their Bitcoin holdings, while smaller holders decreased, possibly due to fear or uncertainty.

The market shows mixed signals, with CEX inflows hinting at a potential dip and whale activity suggesting an incoming bull run.