The timeline is obviously very loud at the moment as we are heading straight to Valhalla, but I think the main argument that this trend is "early" is flawed. I do see at least a handful of funding and basis charts each day, mentioning that we are nowhere near the top because funding is low. Personally, I think people don't realize how much this market has changed and will continue to change over the last 18 months since ETF launched. The last classic "funding/basis top" we saw was on March 24, when the ETF inflows surprised many people. Since then, the price of BTC has doubled without any extreme funding rates, simply due to buying coming from elsewhere and the market being much more efficient. You can easily understand this when you realize that we had maybe 3 or 4 significant liquidation events in the last 18 months, which were very signature of Bitcoin beforehand. Although not widely discussed on CT, as people don't trade options extensively, this market sophistication is also evident in implied volatility, which has been trending lower since 2020 and has drastically accelerated downward after ETFs were launched, leaving volatility buyers in pain. We are obviously in an uptrend, not only Bitcoin, but also ETH is getting some of that institutional love lately. My point is that I don't think we will see the top in the form of classic retail blowing off with derivatives going insane, as they did in 2021. Instead, I think the price will simply not go up after the 98th no-name company tries to copy Saylor, and the price will no longer react. I don't think longing here is very attractive, as I believe the market is quite stretched and open interest flowing into shitters is pretty alarming; however, you do you.(adam)