Less Noise, More Signal Glassnode co-founder: The real bitcoin top was in July
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Sep 1, 2025 Yann Allemann, co-founder of Glassnode and SwissBlock, dives into the intricate world of Bitcoin and altcoins, blending engineering prowess with economic insights. He highlights liquidity as a crucial market indicator and its impact on trading strategies. Yann discusses the evolution of cryptocurrency trading, analyzing market phases and the role of major holders, or whales. He provides frameworks for understanding altcoin season dynamics and how macro factors influence the cryptocurrency landscape, offering valuable tips for navigating current market conditions.
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Measured Top Was Mid-July
- Yann Allemann argues the real Bitcoin top occurred July 16 and later moves were paper-driven rather than liquidity-driven.
- He warns current action resembles February echoes with rising liquidity, not May 2024-style liquidity collapse.
Bitcoin As A Liquidity Canary
- Yann frames Bitcoin as a liquidity transfer mechanism and a canary for liquidity expectations.
- He says shifts in liquidity expectations create large mispricings across Bitcoin, Ethereum and altcoins.
Three Pillars Define Market Phases
- SwissBlock classifies market phases by a risk-off signal, fundamental index, and liquidity network growth.
- The risk-off index traces whales' average cost basis to predict sensitivity to price moves and distribution risk.
