$BTC sitting at $81,649 today. Last ATH was $126,272 — 376 days ago.

ATH frequency by year:
2010: 11
2011: 28
2013: 35
2017: 67 (peak mania)
2020: 11
2021: 23
2024: 21
2025: 12 (so far)

We're down -35% from the top and ATH pace is slowing. Classic mid-cycle cooling or pre-distribution? Watch liquidity and macro.

Price discovery isn't dead, but it's taking its time.