No TA... just data.

In the past hour, 99.3% of on-chain volume (bottom-left) came from coins that last moved 89 days ago or less... pure short-term supply.

The upper chart shows Friday’s liquidation hunt that flushed out almost $500M in leverage. My read is that most of the “juice” ETFs and short-term traders had to keep price pinned down is now gone. One thing is clear (at least to me)... once shaking the tree stops yielding coins, the next move is often violently to the upside.