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$BTC - Back in 2021, while the price was pushing higher and we were inside that distribution phase, the Exchange Balance was exploding higher.
This time, since September 2024, it has been trending down, with no signs of a durable distribution phase forming.
Meanwhile, most people on X are convinced that Q4 2026 will mark the bottom and that staying fully in cash is the safest move.
But what if the normal 4-year cycle doesn’t repeat?
What if this time the crowd is positioning for a script that never plays out, and gets caught off guard once again?