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© 2026 The Markets Unplugged · Data in. Conviction out. - Published with Ghost & Aspect

Conviction Doesn’t Panic: What Reserve Risk and Holder Behaviour Reveal About This Bitcoin Cycle

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    Doc Doc
    On-chain and alt-sector research at The Markets Unplugged. Creator of the Bitcoin Barometer, Ethereum Barometer, Alt Sector Radar and ETH Rotation Index. Host of the Crypto Unplugged podcast.
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  • June 25, 2025
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Conviction Doesn’t Panic: What Reserve Risk and Holder Behaviour Reveal About This Bitcoin Cycle
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With Bitcoin hovering near $108,000, many are searching for signs of weakness. But the conviction data tells a very different story. I’ve gone through two of the most sensitive cycle indicators — Reserve Risk and the Long-Term Holder (LTH) Spending Binary — and neither shows signs of top formation.


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Doc Doc
On-chain and alt-sector research at The Markets Unplugged. Creator of the Bitcoin Barometer, Ethereum Barometer, Alt Sector Radar and ETH Rotation Index. Host of the Crypto Unplugged podcast.
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