Are we nearing a local top already?

Assets covered: ETH (Ethereum)

Metrics used: MVRV, Debt Created, Funding Rates

Charts: https://app.santiment.net/s/yUTPZXiu

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.

MVRV

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