🚨 On-chain data suggests this Bitcoin cycle may be very different from the previous ones. Even though $BTC has surpassed $81,000, several indicators that historically signaled cycle tops — such as the MVRV Z-Score — are still relatively quiet. Meanwhile, the amount of Bitcoin held on exchanges continues to drop sharply to around 3 million BTC, indicating that investors prefer holding rather than selling. More notably, U.S. spot Bitcoin ETFs now hold nearly 1.3 million BTC, equivalent to about 6.5% of the circulating supply. Major institutions like BlackRock and Fidelity Investments continue accumulating, with the amount of BTC purchased by ETFs each day even exceeding the number of newly mined BTC. This is creating a completely different market structure, where retail investors have not truly entered a FOMO phase yet, but institutions keep accumulating. As a result, exchange supply keeps shrinking, and many indicators previously used to identify “cycle tops” are beginning to lose their historical effectiveness. In other words, the current market may no longer behave like previous Bitcoin cycles. So the question is: Is Bitcoin entering a new supercycle… or is the market simply stretching the final phase before a major correction? #MarketOverloadWeek #CLARITYActClears15to9 #SamsungLaborTalksCollapse