Been looking back at the demand metrics from last year and it's pretty interesting how the signals lined up. Starting around mid-2025, BTC inflows were running about 62K per month according to on-chain data, which historically shows up right before bigger moves. The whale accumulation was especially notable - large holders were stacking at a pace we hadn't seen since the previous bull runs. When you combine that with ETF buying pressure, the setup looked pretty solid for a strong finish to 2025. The key level everyone was watching was around 116K, that Trader's Realized Price threshold. Breaking above that was supposed to flip things into full bull mode and potentially push valuations toward the 160-200K range. The Bull Score Index was hovering around 40-50, which typically marks that inflection point. Looking at the 2025 BTC price prediction frameworks back then, the demand fundamentals were definitely there - it just came down to whether momentum would follow through. Demand cycles have historically been reliable signals, so the setup seemed credible at the time.