Analyst: Bitcoin cycle top may show up as weakening institutional liquidity
- —Benson Sun: the cycle top will likely be a "slow climb," not a sharp spike
- —Since 2021, the main BTC buyers have shifted to companies, ETFs and corporate treasuries
- —His ILI gauge tracks dollar liquidity, Strategy's mNAV and spot ETF net inflows
- —BTC trades 33.2% below its 2025 all-time high of $126,080
Why it matters: If the cycle top is defined by fading institutional liquidity rather than retail euphoria, classic overheating indicators may fail to signal it.
Source: TokenPost