It doesn't matter which metric or chart I look at. For me personally, there is little sign that the cycle has topped. No doubt that many alts have topped and that they will never see their all time highs again. But that's nothing new and will only get worse due to the dillution of alts. But for BTC, it's just 10% below its all time high and still in a big up trend. Any indicator or metric doesn't show any sign of a top to me and hasn't done so since the start of this cycle. This is the 5th or 6th larger consolidation in this cycle so far. Besides price sitting above its 2021 all time high, I don't see why this area would be any different. Obviously some black swan or whatever can always occur but it's not realistic to base your long term thesis on random rare events. The main reason people assume the top is in, is because their portfolio's are down due to alts underperformance. But BTC is what determines a cycle top & bottom. Especially at its current 60% market dominance. So to determine a top or bottom, I simply watch BTC. Alts will do their thing in between.