Bitcoin's current bull run is gaining momentum, with market indicators suggesting it is still in its early to mid-stages. Recent data shows the buy-sell ratio in Bitcoin perpetual futures has reached 1.17, the highest since January 2023, indicating robust buying pressure. This trend is typically observed in the early to mid-stages of a bull cycle. Institutional developments, such as Vanguard's move to allow spot Bitcoin ETF trading, are enhancing investor access and driving capital inflows. Analysts highlight that Bitcoin is benefiting from a favorable liquidity recovery phase, often associated with bull markets. Despite potential risks like financial instability from Japan, the overall outlook remains positive, with further growth anticipated.