It's been a while since the market was truly overheated. The last short period was last month in July as $BTC moved up above $120K+ for the first time.
Besides that, this year has not seen any insane moves with the market overheating. Yes, there has been plenty of action, but not to the degree we've seen previously.
Generally when the market does heat up like that, those are good areas to take off some profits and stack stables to redeploy when things cool off.
But for now we're in one of those slower periods where most market participants are simply waiting for the next bigger move.
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