The current Bitcoin market is showing signs of a potential bull run, but retail FOMO (fear of missing out) has not yet set in. The number of new Bitcoin addresses created has not seen a sharp increase, and Google Trends shows a moderate level of interest compared to previous peaks. There is a shift in Bitcoin ownership from long-term holders to newer, shorter-term holders, but the overall number of coins being transferred is still relatively low. However, large "whale" addresses holding significant amounts of Bitcoin have been increasing, indicating confidence in further price growth. The market is currently spot-driven rather than fueled by leveraged positions, which makes it more stable. In past bull cycles, whales would decrease their positions near market peaks, but they are currently accumulating Bitcoin. Retail FOMO has not fully materialized, suggesting that the rally may just be in its early stages. Overall, the market structure suggests the potential for a larger retail-driven surge in the future.



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