Bitcoin trades below key cost basis levels, signalling demand exhaustion and fading momentum. Long-term holders are selling into strength, while the options market turns defensive, with rising put demand and elevated volatility, marking a cautious phase before any sustainable recovery. Bitcoin has gradually drifted away from its recent all-time high, stabilizing below the short-term holders’ cost basis of around $113.1k. Historically, this structure often precedes the onset of a mid-term bearish phase, as weaker hands begin to capitulate. In this edition, we assess the market’s current profitability, examine the ... (full story)