Special cycle & sluggish market🪔

Yesterday, glassnode officially released their weekly report, and I saw a rather interesting data point: FRM.

The full name of FRM is Fee Ratio Multiple, and the calculation formula is as follows:
📝 FRM = Total miner revenue (block rewards + transaction fees) / transaction fees

The logic is simple:
If the market is active and on-chain activities increase, transaction costs will rise significantly, leading to a decrease in FRM.

The above image is taken from the content of Glassnode Week On-Chain 2025 Week 24.
You can see:
1️⃣ Green Area: Bull market uptrend period, on-chain activity increases significantly, FRM is at a low level.
2️⃣ Bear Market Period: On-chain activity is sluggish, causing FRM to remain at high levels.

The red area marked on the right side of the image (now), FRM is obviously at a high position,
The current on-chain trading market is in a relatively quiet state;
There seems to be some divergence between price performance, conditions, and the past.

If you insist on carving the bearish angle, whenever the FRM rises sharply to a high level,
The market has experienced a wave of significant downward trends.
What's more, at the second top in 2021, it seems that there has been a similar situation as now ... 👀

That's it, just take a look at the perspective of the刻舟, after all, it is said to be刻舟.
is not very suitable to be used directly as the basis for trading decisions.

I wonder what everyone's thoughts are? Friendly exchanges & discussions are welcome 🫡