😐 From the latest report by Glassnode: the 4-year cycle is maintained, but it is not certain; anything is possible, it may continue, or it may not, who knows.

⚫ The influx of capital into BTC has noticeably slowed: investors are reluctant to invest new money at current levels.

⚫ Ethereum serves as an indicator of the "altcoin season": its share in OI has reached the 4th record, and its share in the volume of perpetual futures has updated ATH (67%). This indicates a shift in investor interest towards altcoins and an increase in speculative activity.

⚫ In previous cycles (2015–2018, 2018–2022), ATH occurred 2–3 months later relative to the current reference point from the minimum.

⚫ Long-term holders have already realized profits comparable to the late phases of previous cycles.

⚫ The share of supply in profit remains at historically high levels.

⚫ Much indicates that the current cycle is similar to past ones and is in a "mature" stage - a slowdown in capital inflow, an increase in leverage, and speculative interest in altcoins. But each cycle is individual, and the attachment to a fixed 4-year pattern remains conditional.

🟣 Trading club 🟣 Support