Alex Thorn, this data is interesting; the network cost basis is only 43.7%, indicating that there aren't as many people holding high positions as expected, but futures and spot demand withdrew 650k coins in a week, so the liquidity is indeed drying up.

JieWorld news reports that Galaxy Research researcher Alex Thorn analyzed that the signals for the top of Bitcoin’s current cycle are mild, with the network cost basis at 43.7% of the historical high. The expected baseline bottom range is $40000 to $460000, the deep washout scenario is $30000 to $37000, the shallow dip scenario is $51000 to $54000, and if panic selling occurs, the bottom could move down to $28000. CryptoQuant’s monitoring shows that Bitcoin’s spot price is approximately $59000, which is 9% higher than the realized price of $53600. Over the past week, the combined demand from speculative futures and spot decreased by 652,000 BTC.