As Bitcoin continues to hover around $118,000, many are asking whether the market is approaching a top. From surface-level price action alone, that’s a fair question. But if we go beneath the headlines and look at actual realised behaviour from long-term holders, a different picture emerges.

I believe the key to understanding current conditions lies in four core signals: RHODL Ratio, Coin Days Destroyed (CDD), Realised Profit/Loss flow, and short-term holder reaction. None of these show the stress or exit signatures typical of late-stage tops. Here’s what I see.