Bitcoin's initial appearance has already emerged.

Based on past cycle experiences, the characteristic of the early stage of a bull market is rising prices, but retail investors do not believe the market is turning around.

Of course, most traders will not unanimously see the market as bullish, because market sentiment usually still lingers in the previous downturn.

This is also the tricky part of a bull market.

Market prices always start to recover before people's memories do; when people begin to adapt to the rise and become excited, the market has already left the early stage of the bull and entered the frenzy zone.

BTC has been continuously recovering its cost basis over the past month, absorbing massive sell orders, while also squeezing out shorts. Institutions are also re-establishing risk appetite, leading to large ETF inflows in the first few days of May.

The US spot BTC ETF saw

- Net inflow of $629.8 million on May 1
- Net inflow of $532.3 million on May 4
- Net inflow of $467.3 million on May 5
- Still net inflow of $46.2 million on May 6

In fact, the difference between BTC and manipulation coins like RAVE isn't much; early upward movements rely on shorts as fuel, gradually pushing prices higher. After BTC rises, funding rates still tend to be mostly negative,

During the rise, the market still retains a large number of short or hedging positions. When retail investors collectively go long and push prices higher, it has already entered the bull phase of breaking new highs.

At least for now, I believe it is gradually possible to build positions, as the probability of falling below 60,000 is already low. #Gate广场五月交易分享 #BTC回调