When it comes to Bitcoin, one of the first questions people usually ask is:
Where will the price go next?

However, understanding the Bitcoin market should not be limited to price movements alone.

The Bitcoin market is influenced by many different factors, and the importance of each factor can change from one market cycle to another. Some of the key areas to watch include ETF flows, exchange balances, long-term holder behavior, miner activity, derivatives positioning, liquidity, network activity, and macroeconomic conditions.
It is also important to understand the reason behind a price movement.

For example, Bitcoin's price may rise because of strong spot demand or because of increased leverage. Although the price is rising in both cases, the underlying market conditions can be very different.
Similarly, a decrease in the amount of BTC held on exchanges should not automatically be considered bullish. We also need to understand why BTC is leaving exchanges and what other market signals are showing at the same time.

For this reason, I believe it is more useful to observe multiple indicators together rather than relying on a single metric.

For those who follow these factors closely, I'd like to ask:

If you had to monitor Bitcoin metrics besides price, which areas would you focus on, and why? What are the limitations of the metrics you rely on?
More importantly, what combination of signals would make you change your current interpretation of the market?
I'd be interested in hearing both technical and fundamental perspectives.