I agree with you. I wrote a piece about this as well. Give it a read if you don’t mind. I’m a bit unconventional in my strategies, but we’ve come to the same conclusion. I do not believe this growth is real whatsoever. This is money moving around, not growth.
https://steemit.com/bitcoin/@ctom/why-this-is-not-a-bull-market-at-least-not-yet
Great post @ctom, very in-depth: interesting reading.