1 was when Coinbase went public. This doesn’t mean we’re heading for another top but still, something feels off. Bitcoin has been sitting near ATHs for two weeks now, and yet on-chain activity remains unusually low. That’s a risk imo. If even new ATHs aren’t bringing in new users, or if Bitcoin is struggling to attract fresh demand, that’s worth paying attention to. Of course, this view is based on current data. If the data shifts tomorrow, so will the outlook.