#DeepSeekImpact As of now (until 2023/2024), Bitcoin investors **are not exhibiting the classic "price top" behavior** seen in previous cycles, such as in 2017 or 2021. Let's analyze the reasons:
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### **Typical behaviors of a market top:**
1. **Extreme euphoria and FOMO**
- Actions such as sensationalist headlines, sudden increase in interest from retail investors (laymen) and viral posts on social media (e.g.: "Bitcoin is going to the moon!").
- In 2021, this occurred with the peak of US$512,130,937,3669 thousand, accompanied by very high leverage on exchanges.
2. **Excessive leverage**
- Spikes in leveraged futures contracts and mass liquidations usually mark tops. In 2021, average leverage on exchanges like Binance reached critical levels.
3. **Sentiment indicators**
- The **Fear & Greed** Index has been in "Extreme Greed" for weeks. Currently, sentiment fluctuates between neutral and cautious.
4. **Attention from traditional media**
- In previous peaks, Bitcoin was the subject of TV shows, newspaper articles and even casual conversations. Today, the focus is more on **institutional innovations** (like ETFs) than on uncontrolled speculation.
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### **Why is the current scenario different?**
1. **Institutional participation**
- The approval of Bitcoin ETFs in the US (like those from BlackRock and Fidelity) brought sustained demand from large players, diluting the impact of speculative movements by retailers. 2. **Leverage reduction**
- After the 2022 crisis (FTX, Celsius), exchanges and regulators reduced leverage limits, making the market less volatile.
3. **Focus on fundamentals**
- Investors are paying more attention to factors such as the 2024 halving (which reduces BTC issuance) and technological adoption (Lightning Network, ordinals), rather than just price.
4. **ETF as a stabilizer**
- ETFs absorb BTC daily, creating a constant buying flow.This reduces the short-term volatility typical of tops.
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