Bitcoin held its ground pretty well through 2025, though day-to-day trading volumes were all over the place. Things really picked up around mid-year—risk appetite came flooding back, and you could see institutional money flowing in more actively. Then Q4 hit and everything quieted down, which makes sense given the tightening conditions in dollar liquidity. Pretty straightforward correlation between macro backdrop and on-chain activity.

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BlockBargainHuntervip
· 5h ago
Midpoint, that wave in Q4 was really boring, as dollar liquidity tightened, all funds withdrew.
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SchroedingerAirdropvip
· 5h ago
Midpoint reached, the institutional money wave really came through, but unfortunately it cooled down again in Q4.
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rugpull_ptsdvip
· 5h ago
The mid-year wave was indeed exciting; institutions really have the money to throw around, and then in Q4, the Federal Reserve pressed down hard... USD liquidity, to put it simply, is the lifeline of Bitcoin.
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LightningPacketLossvip
· 6h ago
Midpoint is okay, but the Q4 wave really makes me feel anxious.
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