This Is not What the Bitcoin Top Looks Like

In today’s on-chain analysis, we are trying to answer the question of whether there are reasons to fear the ending of the ongoing Bitcoin bull run. We are looking at the activity of long-term hodlers who stopped selling their coins again in the last week.

Futures contracts recently recorded an all-time high, but their relation to the spot positions points to a healthy reset. By contrast, the long-term HODL Waves and Dormancy Flow indicators – which have historically provided accurate peak…


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