He basically says that with the increasing crypto market size, futures, shorts etc it's become too difficult to accurately prognosticate using on-chain analysis. Anecdotally this fits in with pretty much all of the on-chain analysis I see on twitter where almost everything = bullish, outside of the obvious whale movements onto exchanges just before flash crashes.
Pretty impressive that he's willing to walk away from so much fiat, even if it means effectively putting out a weekly horoscope.