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As BTC approached $80K, this metric spiked to ~$4M/hour — about 4x the baseline since mid-April.
This confirms:
* Short-term holders used the rally to distribute
* Buy-side liquidity was insufficient, leading to rejection
How to read this metric:
* Baseline → reflects overall buy-side strength/liquidity
* Peaks → act as reliable local top signals
👉 Current structure suggests rallies are still being sold into, keeping upside capped until stronger demand returns.
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