My dear people! Watch out for this Bitcoin thing, it's a roller coaster! 🎢 Lately, BTC has been in a delicate balance, like a tightrope walker without a safety net! The thing is, even though it's been hovering around its all-time high (ATH) price, it hasn't quite broken through. And why is that? Well, here we tell you, with our own taste! 🌶️

It turns out the big fish, those market-moving whales, have backed off! 🐳 Their Netflows (the amount of Bitcoin flowing in and out of their wallets) have dropped by 191%. Imagine! That's as if all of a sudden, the richest folks stopped shopping at the corner store. 🤷‍♀️ This means demand is weak, and when demand drops, the price starts to shake.

Furthermore, the profits being realized (i.e., people selling to secure their cash) fell below $1 billion. This hasn't been seen since October 2024! 📉 Although there was a recent spike, people aren't cashing out much, indicating that there's not much confidence in the price continuing to rise. It's as if people are saying, "I'd better stay put, otherwise the whole thing might turn upside down." 🤫

And keep an eye on the derivatives markets, because things are a bit bleak there too. Negative funding rates on platforms like dYdX tell us that traders are betting on the downside, believing the price is going to fall! 📉 It's as if the atmosphere is heavy, with many people thinking that Bitcoin is going to hit the brakes. For the price to really rise, we need people to bet positively again, eager to see the greenback soar! 💸

Another detail that makes us think is the MVRV Z-Score, which tells us if people have unrealized profits. That's gone down, which means the virtual cash holders have isn't as big as it used to be. Fewer unrealized profits, less incentive to sit still. It's like when you have a cake but it's not as sweet—maybe you want to eat it quickly before it gets bad! 🍰

Finally, there are some metrics that make us pay close attention: the NVT and NVM ratios. These have skyrocketed! 📈 This is as if the value of Bitcoin is going up, but people aren't using it as much. It's a sign that the price might be a bit inflated and disconnected from actual network activity. In other words, it might be more expensive than it's actually worth per use! It's like a very nice car that doesn't take you anywhere. 🚗💨

And to top it all off, the Stock-to-Flow (S2F) ratio, which tells us how "scarce" Bitcoin is, has also dropped! 📉 This traditionally helps drive the price up, but if it goes down, it means the scarcity isn't as strong as it used to be. So get ready! 🧐

Despite all these signs, Bitcoin has managed to stay there, in an unstable equilibrium. But if demand continues to weaken, this equilibrium could be broken at any moment! So, my people, keep an eye on these movements, because the crypto market is full of surprises. Don't get distracted! 👀$BTC