XWIN Research has analyzed on-chain data, suggesting that Bitcoin's bull market remains intact. The firm points to a decrease in the MVRV ratio to 2, indicating a transition into a stable phase. Additionally, reduced selling pressure from long-term holders aligns with patterns observed in previous bull cycles of 2017 and 2020. For Ethereum, XWIN Research highlights the exhaustion of downside liquidity in futures markets, which could lead to a short squeeze and potential sharp price increases. This analysis suggests that both Bitcoin and Ethereum may continue to experience bullish trends.