Onchain Metrics Suggest Bitcoin May Have Reached a Cycle Top

   The Bitcoin price has trended low in June, leading analysts to wonder if the "cycle top" is in for the pioneer cryptocurrency. Onchain metrics like the long-term holder inflation rate, dormancy flow, and spent volume suggest the Bitcoin bull market may have peaked. The growing cluster of spent volume and recent large sell-offs by long-term holders like Mt. Gox creditors and governments add to the supply-side pressure, indicating a potential market top