As price approached $80K, the 24H SMA of STH Realized Profit spiked to ~$4M per hour, roughly 4x the mid-April baseline. Short-term holders aggressively distributed into the rally, overwhelming buy-side liquidity and triggering the subsequent rejection. The baseline acts as a proxy for broader buy-side liquidity while the spikes have consistently marked reliable local tops throughout this bear market cycle. #crypto

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