This implies that, despite recent profit-taking, the market has not yet entered the intense sell pressure zone often seen near tops.16/ LTH Inflation Rate: Schultze-Kraft highlighted the Long-Term Holder Inflation Rate as "the most bearish chart I’ve come across so far.” While he did not provide specific target values or thresholds in this excerpt, he stated it "screams caution.” Investors should monitor this closely as it may signal increasing distribution from long-term holders or other structural headwinds.17/ STH-SOPR (Short-Term Holder Spent Output Profit Ratio): This metric measures the profit-taking behavior of short-term holders.
Related Reading: US Strategic Bitcoin Reserve Could Push Price To $500,000: Expert 10/ Low/Mid/Top Cap Models (Delta Cap Derivatives): These models, based on the Delta Cap metric, historically showed diminished values during the 2021 cycle, never reaching the Top Cap.’ Schultze-Kraft urges caution in interpreting these due to evolving market structures.
While numerous metrics show that Bitcoin’s market is moving into more euphoric and profitable territory, few have reached the historical extremes that marked previous cycle tops.
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