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90% of crypto traders are still using a decade-old ruler to measure today's market $BTC $ETH Everyone looks at STH-MVRV, eyes fixed on where the pink line is, whether it surges to +1 or drops to -0.8. But if you shift your gaze away from the pink line and just look at the trend of these five dashed lines, you'll notice something even more critical They are converging toward the middle, the upper edge is dropping, the lower edge is rising, and the entire channel is narrowing like a funnel This describes the same thing: the emotional amplitude of short-term holders is systemically shrinking In previous bull runs, new money's unrealized gains could reach over 80%, now 55% is the peak. In previous bear markets, new money could lose an average of 40%, but the deepest in June this year was just over 20% This aligns with what I mentioned before about volatility convergence and the ThermoPrice box being squeezed from both ends—different facets of the same story So why do I say your ruler is outdated? Using 2017 and 2021 readings as the standard, back then 1.5 was considered overheated. Placed in today's channel, 1.3 is already +1 standard deviation. Measuring the new market with old scales will make you think the top hasn't arrived yet, only to get stuck halfway up the mountain The reverse is also true. The lower edge has risen to 0.78, so the damage from extreme panic is less than before, explaining why this bear market only dropped by 50%. The old ruler will keep you waiting for a deep pit that will never come #美联储三年来首次加息25个基点 #美国加密税收与BTC储备法案获推进