According to @AltcoinDaily, the market is debating whether BTC is overvalued above 90,000 dollars, drawing attention to valuation risk and positioning, source: @AltcoinDaily on X. Historically, overheating risk increases when BTC’s MVRV z-score approaches prior cycle extremes, SOPR persists above 1.0 during broad profit-taking, and the RHODL ratio rises as older coins are spent, source: Glassnode Research. Crowded-long conditions often show up when perpetual funding rates hover near or above 0.10% per 8 hours and when annualized futures basis exceeds roughly 20%, which has preceded pullbacks in past cycles, source: Binance Futures Guide and Deribit Insights. Spot liquidity stress into local tops is also indicated by rising whale BTC inflows to exchanges and declining stablecoin reserves on exchanges, reducing marginal bid support, source: CryptoQuant.