The liquidity charts vs bitcoin are good for hopium, but so far, bitcoin did absolutely nothing in 2025.
"everybody' seem to be buying, but price is not really moving.
To me, this indicates a gigantic "base" trade that is preventing btc moving up: hedge funds are shorting spot and buying futures.
Who knows, maybe Blackrock is lending them btc to short..who knows, maybe Saylor does the same, but unlikely.

Otherwise the current picture does not make sense: gigantic buying , vastly exceeding miner supply, price not moving.

It probably changes after interest rate reduction in June, but who knows.
I am OK with 94K for now, but it's not really the same bull market that I remember from prior cycles.

That said, 210K is still the target, albeit people are still musing 450-850K as well.