I don't understand this take about "enough macro accumulation" to be bullish and a lot of people have it.

The liquidation was the accumulation for big money, + earlier periods where BTC traded under 7.5k.

We probably just now passed at their cost basis per coin https://twitter.com/TraderX0X0/status/1253689636842586113

If this take were necessary then every market bottom would be horizontal for 6-24 months, but they aren't. Most aren't actually.

Accumulation does not need to be a 1 time event that you can't return to.

Nov-Dec 2019 was accumulation below 7.6k. then January distribution > 10k

Feeling too lazy to do it, but I bet if you added up the volume of liqs + all of the trading volume under 6.8k, it would add up to the volume you see at horizontal "accumulation" bottoms

Just because price was rising doesn't mean net # of coins held wasn't increasing for whales