The iShares 20+ Year Treasury Bond ETF ($TLT) is currently experiencing notable trading activity, approaching levels not seen since November 2023. Analysts are observing a potential bottom formation in $TLT, as recent trading volumes have surpassed those recorded in October 2023, which marked a low point. The ETF is also showing an all-time low relative to the S&P 500 ($SPY), which was trading at $450 in November 2023. Market participants are considering the implications of this dynamic, with some suggesting a strategy of going long on $TLT and short on $SPX for 2025. Despite these observations, there are mixed sentiments regarding the overall market direction, with some traders expressing caution about the current regime change in bond markets.