Bitcoin may be moving sideways and facing repeated rejections at $70,000, but Bitcoin holders remain exceptionally bullish. On-chain data shows that over 50% of Bitcoin’s supply remains inactive, indicating strong long-term conviction in Bitcoin. What does this mean for the cycle? The CEO and Co-Founder of Maple, Sidney Powell, joined analyst Scott Melker and dived into the details of the current cycle. 

Scott said that nothing significant is happening. The supply is inactive and low on exchanges. Despite this, we still see substantial inflows, with $105 million entering ETFs just yesterday. Even though the price isn’t moving rapidly, there is still a lot of bullish sentiment behind the scenes. The price refuses to drop just as much as it refuses to rise. 

Sidney then continued the conversation and said that he views the current sideways market as normal part of the cycle. He wouldn’t be surprised if there’s another upward movement before the end of the year, and he is positioning for this to happen. In the lending markets, this implies that rates for lending against Bitcoin are expected to increase, similar to what occurred in February and March of this year.

The CEO remarked that one might think people would get bored and start selling, but Bitcoin is still lingering around $70,000. When he talks to folks at the big asset managers running the ETFs, they always comment on the strength of inflows. Unfortunately, with the markets as they are, we’ll see a leg up, and then everyone will say how obvious it was in hindsight, though it’s treated as unexpected in the moment.

He said, “I would say generally we’re seeing leverage. Leverage is still relatively low compared to where we were last cycle, so I don’t think there’s any cause for people to be panicking just yet.”

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