Some moments feel quiet before everything changes in crypto; those are the times most people overlook. Price charts seem dull, the hype fades, and headlines grow stale. But behind the scenes, a storm might be gathering. Before every major bull run, subtle signals begin to show themselves.
Veteran traders often say bull markets are born in silence. This is when the foundations are laid while impatient investors walk away. The early signs are rarely loud or dramatic. They are slow shifts in behavior, on-chain data, and liquidity. Those who can read the signals often find themselves ahead of the curve.
One of the most useful ways to notice these changes is by tracking multiple indicators in real time. Behavioral patterns, transaction volume, and even wallet activity offer early clues. These often begin to align according to CoinDataFlow data that shows key market movements and highlights underlying trends before they become obvious to the masses.
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Whale Wallet Activity Picks Up
Whales often begin buying when prices are low and the sentiment is neutral or negative. This can be tracked through wallet data, where you will see large addresses slowly adding to their balances.
This accumulation phase does not come with flashy headlines. Whales rarely chase green candles. They move during times of fear or boredom. This is often accompanied by fewer large transactions leaving exchanges, a sign that big players are taking coins off trading platforms and putting them into long-term storage.
Subtle Shifts in Other Traders’ Behavior
- Stablecoin inflow to exchanges increases: Traders are getting ready to deploy capital.
- Bitcoin dominance drops slightly: Risk appetite shifts toward altcoins.
- Exchange outflows rise: Investors move coins into cold wallets.
- Funding rates remain flat while prices edge higher: Less leverage means more organic growth.
- Search interest for crypto terms begins to rise again: Early retail curiosity often kicks in before media coverage.
- New wallet creation increases across major blockchains: A rise in new addresses suggests growing interest and adoption.
- On-chain transaction fees begin trending upward: Network usage increases as activity picks up across DeFi, NFTs, and swaps.
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Dormant Wallets Become Active
This one is not always a sell signal. Sometimes, it means early investors are preparing for something big, like staking, swapping, or reallocating funds into other projects before prices rise.
Reactivated wallets can also indicate growing interest from long-term holders who previously exited the space. When multiple dormant wallets begin moving at once, it often reflects a change in sentiment from those who saw previous cycles up close.
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Developer Activity Starts Changing
Technical development often speeds up before the market reacts. This includes more commits on GitHub, new testnet launches, and updated roadmaps. Builders tend to ramp up progress when funding becomes easier, and anticipation builds around the next market wave.
Projects that continue to build during the bear market often rise the most during a bull run. If you start seeing multiple promising protocols announce new partnerships, features, or cross-chain integrations, it is a signal that the ground is shifting.
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On-Chain Metrics Start Flashing
On-chain analysis tools offer rich insights that often lead sentiment. For example, the MVRV ratio (Market Value to Realized Value) can show when Bitcoin is undervalued relative to historical averages. When this dips below a certain threshold, it usually indicates a good entry point.
Likewise, the Net Unrealized Profit and Loss (NUPL) metric measures how many investors are in profit. In early bull phases, this number is low, which means fewer holders are sitting on gains. That leaves more room for growth before the fear of selling begins. Combined, these metrics help spot when the crowd is still asleep.
Cross-Market Signals That Build the Foundation
| Metric | Pre-Bull Run Signal | Why It Matters |
| Exchange Bitcoin reserves | Decrease steadily | Suggests long-term holding |
| Stablecoin supply growth | Increases on-chain | Dry powder ready to enter the market |
| Ethereum gas prices | Begin to rise slowly | Signals increased user activity |
| NFT floor prices | Start ticking up | Indicates return of speculative appetite |
| TVL in DeFi platforms | Reverses decline and starts climbing | Trust in yield-generating products returns |
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Macro Shifts and Sentiment Reversal Occur
Bull runs do not happen in isolation. They are often triggered by macroeconomic changes like interest rate cuts, improved inflation numbers, or favorable crypto regulation. These shifts can take time to reflect in price, but once they do, they tend to move quickly.
Public sentiment is also a lagging indicator. Right before a bull run, the general tone is often skeptical or dismissive. News outlets cover crypto less, and social media conversations turn quiet. But this is the calm that usually comes before the rush. It is in these moments that smart money makes moves.
The Takeaway
A bull market does not begin with fireworks. It starts in the shadows, with small clues scattered across charts, chains, and wallets. The traders who see it coming are the ones paying attention when no one else is.
