Good Morning and Happy Monday from Cumberland APAC! BTC is currently about 9% below its previous all-time high. Our research team looked at other instances where BTC came within 10% of the previous cycle’s ATH, and saw that in each of these cases, BTC moved through it to make new highs. In fact, in three out of the four examples of the past decade, it reached the previous ATH within a week of the 10% touch. (The exception was Nov 2020, where it took 16 days). In three out of four of those examples, BTC also went on a significant run following the new ATH; the only counterexample here was the “false” rally driven by high leverage in 2021.

It’s not all of crypto that is near its ATH; in fact, outside of a few meme tokens (and...