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A Derivatives Led Market
Following the formation of a $124.4K high last week, Bitcoin's upward momentum has stalled, with price retracing to a low of $112.9K, a near -9.2% pullback. This decline has been accompanied by noticeably weaker capital inflows over recent weeks, suggesting that investors were unwilling to inject fresh capital at those elevated price levels. When we compare the current rate of capital inflows to the previous ATH breakouts, the realized cap has increased by a substantially smaller percentage than it did during the March and December ATHs in 2024. The initial $100k breakout in late-2024 saw the realized cap rate of ... (full story)