Are we nearing a local top already?
Assets covered: ETH (Ethereum)
Metrics used: MVRV, Debt Created, Funding Rates
Do you like bull rallies?
We like bull rallies.
And we were early enough to announce this here: https://insights.santiment.net/read/reading-divergences-to-prepare-for-reversals%2C-part-2-6864
Tops and bottoms are being built in a specific environment.
For the current run we think it's worth paying attention to the following metrics:
- MVRV 30d
- Debt Created (DAI minting)
- Funding rates
Potentially we might see divergencies on our usual Daily Active Addresses and Network Growth.
Coins to look at? We can measure it on Ethereum itself or on some blue chips.
This metric calculates the average profit/loss among its holders. MVRV 30d - 30 days holders.
Not bad! It's quite high. We are reentering a dangerous territory where things doesn't look good. But the other coins are probably subdued. We might see more wall of worry
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