Checkmatey, an analyst at on-chain data analytics firm Glassnode, wrote that the Bitcoin seller risk ratio has reached a certain level, indicating that it is time for the market to take action. Everyone who would have made a profit has made a profit. The same goes for losses. The market needs to find a new price range to fan the flames of fear, greed, panic or excitement. Moreover, bitcoin futures carry trades are likely to have reached their limits. A few weeks ago, traders could lock in a near-risk-free 10-year premium by going long spot and short futures. Technically, the annual premium rate is 5% because both sides require fees. Now it's down to 6% (technically 3%), below the risk-free rate of cash equivalents.