Bitcoin's recent peak demonstrates unique market conditions, as pointed out by an analyst. The high Bitcoin prices seen in 2024, after the introduction of spot ETFs, are unlike the 2021 peak according to chain analyst Checkmate.

The main difference highlights the trends in derivative markets. Long-oriented liquidations have been dominant recently, as shown in the chart presented by the analyst. Liquidation risk increases during volatile price movements, leading to mandatory contract closures.

Investors holding short positions faced challenges during this year's rally as prices surged. Unexpected losses for those betting on price declines resulted in many contracts being liquidated as prices rose rapidly. The impact of short positions continued even during periods of stagnation post-peak.

In contrast to the ambitious actions of investors during the 2021 peaks, the current rally indicates a different perspective. The current structure resembles previous peaks, with similarities noted by analyst Maartunn. Coin Days Destroyed (CDD) has reached high levels, indicating stagnant cryptocurrency movement in the market.

Maartunn mentioned that CDD likely peaked in conjunction with Bitcoin's price, but the 2021 peak occurred months after this metric peaked. The varying perspectives show the evolving nature of Bitcoin's market conditions.