Got the data for PA: this quarter $BTC is up about 44%, reaching roughly 85,000. It’s the strongest quarter after three consecutive quarterly declines. On Bitfinex, holders are realizing profits of about $2.4 billion, whereas during past tops the typical realized value on a single day is around $7–10 billion—so this amount of selling pressure is still far from a "top-like distribution." Meanwhile, spot ETFs have seen net inflows of about $2.84 billion over the past ~6 trading days, exceeding the realized amount during the same period. Sure, it’s up—but it looks more like capital is moving in rather than a retail-driven frenzy selling off.

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