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

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

It probably changes after the 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 the prior cycles.

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