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Calm Whale 🐳
Bitcoin Liquidity tells us when activity is intensifying, but activity is neither bullish nor bearish per se.
In February and June, expansion reflected selling pressure overwhelming the market.
In April and August, it reinforced upside participation.
The critical signal emerges when activity becomes overheated. This usually indicates exhaustion in the dominant wave, whether bullish or bearish, and warns that activity may soon reverse.
After August’s bullish expansion reached overheating.
