Estimated Leverage Ratio Profit Quality Z #Bitcoin hits 11-month high ⚠️ signaling leverage and elevated risk of distribution
The last time this indicator reached values of 1.50+ #BTC price was trading near $126k 👀
Major entities and most market participants are sitting on unrealized profits, contrary to what we pointed out in our last analysis in July 2026, when losses were even affecting whales — and when that happens, it increases the likelihood of market bottom forming.
The same negative effect occurs in forced selling at loss, which tends to drive the price down — large profit-taking coincides with market tops and this is precisely what this indicator captures.
The context of this behavior matters, and a sign of distribution risk forms multiple funds along the trend — not a warning of an imminent collapse.
Based on this initial sign, we’re looking for divergences — it’s still too early to see any — we’ll continue to monitor the situation. #BTC Price Analysis# #Macro Insights# #OnChainAnalysis $BTC
The last time this indicator reached values of 1.50+ #BTC price was trading near $126k 👀
Major entities and most market participants are sitting on unrealized profits, contrary to what we pointed out in our last analysis in July 2026, when losses were even affecting whales — and when that happens, it increases the likelihood of market bottom forming.
The same negative effect occurs in forced selling at loss, which tends to drive the price down — large profit-taking coincides with market tops and this is precisely what this indicator captures.
The context of this behavior matters, and a sign of distribution risk forms multiple funds along the trend — not a warning of an imminent collapse.
Based on this initial sign, we’re looking for divergences — it’s still too early to see any — we’ll continue to monitor the situation. #BTC Price Analysis# #Macro Insights# #OnChainAnalysis $BTC
