At the end of yesterday’s tweet, I said: The market has given us an open-book exam right now. I call it an “open-book” exam because each of us has ample time to “flip through the books” and find the “solutions.” Here’s my own answer: The indicator in the chart measures how many standard deviations the realized profit/loss deviates from the 90-day average. The lower the value, the more concentrated the selling pressure; the higher the value, the more concentrated the profit-taking. Glassnode’s official definition is: Green signal = Low Risk; Red signal = High Risk; there’s also an intermediate zone, which I’ve hidden. Each bar represents one day—the longer the consecutive bars, the longer the phenomenon has persisted, and the higher the certainty of the behavior (not a random occurrence). So, my answer to this open-book exam is: I would never hand over my positions at a “Low Risk” level—not for short-term trades, and certainly not for long-term positioning. You can compare the data from 2026 (Chart 1) and 2023 (Chart 2) on your own. Of course, your answer may differ from mine—and that’s fine. This is the trading decision that best suits me within my current capabilities. Even if I’m wrong, I won’t regret it. I hope you feel the same.