Glassnode drops a reality check for bears waiting for that classic $BTC crash like past cycles.
Spoiler: This time might actually be different.
The on-chain data isn't lining up with previous blow-off tops. Whale behavior shifted. Realized cap momentum diverging from 2017/2021 patterns.
If you're still positioning for a -80% drawdown based on old playbooks, you might be fighting the last war.
Market structure evolved. Institutional flows changed the game. Doesn't mean we moon forever, but the old cycle models? Probably broken.
Spoiler: This time might actually be different.
The on-chain data isn't lining up with previous blow-off tops. Whale behavior shifted. Realized cap momentum diverging from 2017/2021 patterns.
If you're still positioning for a -80% drawdown based on old playbooks, you might be fighting the last war.
Market structure evolved. Institutional flows changed the game. Doesn't mean we moon forever, but the old cycle models? Probably broken.