Facundo Fama2026-05-20

Chronology of Bitcoin Weakness: Price Action and On-Chain Data ↓

• Indicators: NUPL, Apparent Demand Growth, Fund Holdings, Supply in Loss, AVWAP Fourth Halving, AVWAP latest ATH and SMA50 (weekly timeframe). • The analysis showing the confluence between price action and on-chain data is presented in the image.