Are we getting close to the top of this bull run? - On-chain indicator suggests we’re nearing the climax of the current bull run

Are we nearing the top of this rally? One cyclical indicator indicates that there is further room to grow, but we’re getting closer to a top.
Source: Glassnode, Bitstamp

Glassnode’s Reserve Risk indicator tracks the conviction of hodlers through cycles. The metric is based on coin-days (coin-days accumulates each day a coin is not spent) in relation to the current bitcoin price.

The general idea behind the metric is that not selling during bull runs carries an opportunity cost. At some threshold, the opportunity cost will tempt more long-term hodlers to sell.

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