The cryptocurrency market is experiencing a shift towards a risk-on phase, as indicated by on-chain data. Despite Bitcoin's recent subdued price movements, broader market indicators such as silver reaching new highs and the Russell 2000 index breaking out suggest a bullish sentiment. Additionally, the ETH/BTC pair has climbed above its 50-week moving average, further supporting this trend. On-chain data reveals a decrease in selling pressure for Bitcoin, hinting at a potential rally. This optimistic outlook is bolstered by the Federal Reserve's early easing measures, which are expected to support further market gains.