Cycling On-Chain #1: Unwinding Leverage


Dilution-proof, June 1, 2021

Cycling On-Chain is a monthly series that uses on-chain and price-related data to estimate where we are in bitcoin’s market cycle. It originally started as a monthly Twitter thread that was later adopted by Bitcoin Magazine. In this first edition of Cycling On-Chain, we’ll look back at the first leg up in the 2020–2021 bull run and the circumstances that turned out to be fertile soil for a firm downward correction that brought fear into the market. The second part will attempt to look forward by building a case for why we may not have seen the top of this market cycle, as well as some of its vulnerabilities.



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