Most people try to call a crypto top by staring at price. That's the wrong layer to watch.

Price is the last thing to move. By the time a chart "looks toppy," exchange inflows, stablecoin dominance shifts, and funding rate divergences have usually already told you the story 1-2 weeks earlier.

A few things I watch before calling a macro top:

1. Exchange netflow, not exchange volume. Big net inflows to exchanges from long-dormant wallets is a distribution signal — holders are moving coins to sell, not to trade.

2. Stablecoin dominance. When stablecoin market share starts climbing while BTC dominance holds flat or drops, capital is quietly rotating to the sidelines even as price is still grinding up.

3. Funding rate divergence. If price makes a new high but perpetual funding rates are flat or falling, that's leverage exhaustion — the rally isn't being fueled by fresh conviction anymore.

4. Realized profit ratio spikes. When long-term holders realize outsized profit relative to their cost basis all at once, it usually means smart money is taking the exit before the crowd notices.

None of these alone are a signal. Stacked together, they're a pattern — and it's the same pattern that's shown up before nearly every major cycle top.

If you trade crypto and want to see how we time these calls in real time, I run TENJO — cycle-timing signals for traders who'd rather act a week early than a day late.