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Galaxy Research says on-chain data points to what it calls a "calm top" for Bitcoin — a market peak notable for its relative lack of speculative excess — and argues that pattern may prevent $BTC from falling as far as it did in previous bear markets.
The firm is careful to add, however, that the process of finding a floor has not yet concluded.
What a 'Calm Top' Actually Means A "calm top" describes a cycle peak that arrives without the feverish retail participation and frantic on-chain activity that have historically marked Bitcoin's most euphoric highs.
The logic runs like this: when a market top forms quietly, less speculative inventory is created at elevated prices, which in turn reduces the selling pressure that drives prices lower once the cycle turns.
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