Macro conditions have not delivered a clear catalyst. Some composite financial-condition gauges sit slightly supportive, but they remain close to neutral. In addition, search interest proxies have softened over the past year, which signals lower retail attention.
Skeptics continue to point to versus gold. Some also cite periods of underperformance during 2025. For now, long-term holder activity has stayed muted on common on-chain measures, which can steady supply.
ETF flows remain a key real-time signal for traditional finance participation. However, price consolidation shows that adoption does not guarantee immediate upside. Moreover, traders still respond to liquidity, rates, and risk appetite overall.