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Miner outflows hit a 3-month high. Either selling tops or covering operational costs — data is ambiguous.
Funding rates persistently negative for 6 days. The market is structurally short — that's a contrarian signal.
Puell multiple says we're nowhere near a cycle top. Miners aren't printing profits like peaks.
DEX volume as percentage of CEX volume just hit 22% — highest ever recorded. This matters.
Juniperion
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