Bitcoin Puell Multiple Hits Highest Cycle Bottom Yet as Whales Absorb Retail Selling

TLDR: Bitcoin Puell Multiple’s cycle low of 0.53 is its highest bottom recorded since 2018 began.  Sub-0.65 Puell readings since 2013 preceded median 180-day gains near 55 percent historically. Large Bitcoin orders added $1.4B in positive delta as retail sold roughly $604M near $64,700. Bitcoin’s shallower price drawdowns each cycle, not halvings, explain the rising [...]

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