Bitcoin has broken above $70,000, triggering a significant on-chain signal widely interpreted as the start of a new bull market. The Inter-Exchange Flow Pulse - a metric tracking BTC movement between spot and derivative exchanges - has crossed above its 90-day moving average for the first time since early 2025. This shift, highlighted by analyst Ali Martinez, suggests institutional capital is re-entering the market.
The indicator had remained below its long-term average through the prior bear phase, during which Bitcoin lost nearly 45% from its all-time high of $126,000. The current reversal aligns with historical patterns preceding major rallies.
As of this update, BTC trades at $70,360, up 0.3% in 24 hours.
