Spectura
This is what accumulation looks like.
Since Mid-December last year markets tend to bore investors to death with a sideways only price action. But the same thing that many fail to realize is that *SOME* entities slowly accumulating and building up positions since. While funding is still relatively neutral (green) open interest is slowly building on both occasions (blue chart). We can confirm our deduction via the estimated leverage ratio being its ATH levels on the yellow chart and rising ever since. Just to reiterate: this is all WHILE #Bitcoin price is either dropping or in a sideways action (orange colored top chart on both occasions). This is what accumulation looks like.