Bitcoin (BTC) is experiencing a drop in capital entries and a speculative activity that increases, mirror models observed near peaks in the previous cycle, according to a Glassnode of August 20 report.
The BTC retraced almost 9.2% to $ 112,900 after last week’s summit at $ 124,400, accompanied by much lower capital inputs compared to previous eruptions of 2024.
The ceiling carried out increased only by 6% per month during the current rally, significantly lower than the rate of 13% recorded during the initial escape of $ 100,000 at the end of 2024.
The report noted that investors have shown limited demand, even in the midst of a reduced for -profit activity of existing holders.
The net metric performed and lost made in volatility shows a sales pressure significantly lower than major eruptions at $ 70,000, $ 100,000 and the $ 122,000 peak in July.
The disparity suggests that the market has failed to maintain the momentum, even with lighter pressure for sale.
Volatility reader on the market
The term markets presented a pronounced activity during the recent Bitcoin price action, with open interests in Bitcoin contracts now high levels at $ 67 billion.
The correction eliminated $ 2.3 billion in open interests, representing one of the 23 larger nominal drops ever recorded.
Altcoin derivatives have reached new extremes, with open interests combined through the main tokens going to $ 60.2 billion before dropping $ 2.6 billion during the weekend correction.
The combined Altcoin liquidations culminated at $ 303 million per day, more than double -bit Bitcoin Bitcoin liquidation volumes.
Ethereum Perpetual Futures Volume Dominance reached a summit of 67%, marking the strongest structural change towards Altcoin speculation on the file. At the same time, the domination of open interests increased to 43.3% against 56.7% Bitcoin, reaching its fourth level historically.
The parallels of previous peak emerge
The report argued that the current moment of the market is aligned closely with the previous bull cycles.
The 2015-2018 and 2018-2022 cycles reached heights of all time about two to three months beyond the relative position of the current cycle when they are measured from the cycle hollow.
The supply of Bitcoin circulation remained above the positive deviation strip to a standard for 273 days, the second longer period of record in the 2015-2018 cycle.
Long-term holders have carried out volumes of profits comparable to all previous cycles, except 2016-2017, indicating a substantial sale of historically patient investors.
These measures collectively suggest that the current cycle works in its historically late phase, although the report noted that each cycle has unique characteristics that prevent guaranteed temporal models.
The combination of the weakening of demand, record leverages and parallels of historical synchronization creates conditions reminiscent of the peaks of the previous cycle, although market evolution can modify traditional four -year models in the future.
