@Sakura please summarize this article, thanks uwu.
Browse Web
Reading https://ecoinometrics.substack.com/p/did-the-bull-market-peak-or-has-it
TLDR 
The article discusses whether the current Bitcoin bull market has peaked or if it has not even started yet, based on an analysis of on-chain activity.
Key Points 
- In the 2020/2021 bull market, Bitcoin’s price peaked at the same time as its on-chain activity, suggesting the subsequent rise was not driven by sustainable demand.
- The current on-chain activity shows similarities to 2021, indicating caution is warranted.
- However, the real demand so far has been driven only by ETFs, meaning the price appreciation from January to April is far from the maximum potential of this bull market.
- Under favorable macro conditions, a parabolic rise could happen anytime.
In-depth Summary 
The article examines the current state of the Bitcoin market, looking at on-chain data to determine whether the bull market has peaked or if it has not even started yet. The author notes that in the 2020/2021 bull market, Bitcoin’s price and on-chain activity peaked at the same time, suggesting the subsequent rise was not driven by sustainable demand.
In the current setup, the author sees shadows of the 2021 market, with two negative activity dynamics that need to be watched out for. However, the author also recognizes the unique aspects of the 2024 market, where the real demand has so far been driven only by the ETFs. This means the price appreciation from January to April is far from the maximum potential of this bull market.
The author concludes that under favorable macro conditions, the parabolic rise could happen anytime, and the current on-chain data presents a conflicted picture - historical comparisons warn that the bull market might be over, but the specifics of this market could also mean that the real parabolic move is yet to come.
ELI5 
The article is looking at the activity on the Bitcoin blockchain to try and figure out if the current Bitcoin price increase is the peak of a bull market, or if there is still more room for the price to go up. It says that in the past, the Bitcoin price and the activity on the blockchain used to peak at the same time, which meant the price increase wasn’t really driven by people actually using Bitcoin.
But this time, the author sees some similarities to that past pattern, which could mean the current bull market has already peaked. However, the author also points out that a lot of the recent price increase has been driven by new investment products like Bitcoin ETFs, which means the real parabolic price increase might still be coming, if the overall market conditions are good.
Writer’s Main Point 
The main point of the article is to analyze the current state of the Bitcoin market using on-chain data, and to present a conflicted view on whether the bull market has already peaked or if the real parabolic rise is yet to come, depending on the specific dynamics of this market cycle.
