Bitcoin is trading around $110,000, and emotions are running high. With every minor dip or sideways move, social media fills with fear. Retail investors many scarred from past cycles are panic selling again.

But here’s the uncomfortable truth: none of the major bull market peak indicators are flashing red.

In fact, according to the latest data, 0 out of 30 sell signals have been triggered. Let that sink in.

The Indicators Say “Hold” So Why Are People Selling?

Here’s a look at what’s not happening yet:

  • Bitcoin Ahr999 Index is at 1.21 (needs to hit ≄ 4 for a top signal)

  • Pi Cycle Top Indicator is at $111,560 (far below the $160,434 threshold)

  • Puell Multiple, a strong historical top indicator, is just 1.44 (needs ≄ 2.2)

  • ETF Net Outflows are barely starting, with only 1 day showing movement (needs 10+ to indicate exit pressure)

  • ETF-to-BTC Ratio is still high at 4.84% (a real top tends to show < 3.5%)

  • 2-Year MA Multiplier is far from overheated — at $111,560 vs. a required $303,402

So, again: no confirmed signs of a blow-off top. Yet panic selling is happening. Why?

The Real Market Top Is Usually Loud but This Isn’t

Every past Bitcoin bull top has been marked by euphoria:

  • News anchors yelling “Buy now or be left behind!”

  • Memecoins flying

  • Uber drivers talking about crypto

  • Indicators flashing red across the board

Today? The fear is louder than the hype. We’re in a bull market without the mania which means there’s likely more room to run.

Institutions Are Accumulating, Not Selling

ETF inflows have not reversed meaningfully. BlackRock and other big players continue to scoop up supply. Meanwhile, retail investors conditioned by past volatility are selling too early, again. Bitcoin was started as a tool of freedom but now its mostly held behind ETF Vaults.

It’s the same story every cycle: institutions buy while the crowd gets shaken out.

Final Thought:

If you’re feeling the urge to sell because “Bitcoin went up too fast,” ask yourself: Are you reacting to the chart or to your fear?

None of the peak indicators are flashing. The data says “hold.” Yet fear is winning in the short term.

Don't let a temporary dip make you forget the long-term signal.

This isn’t the top.
It’s just another test of conviction and a gift to those who can stay calm while others can’t.