Bitcoin has broken below its earlier consolidation range, slipping under $97K and briefly touching $89K, marking a new local low and pulling its year-to-date performance into negative territory. This deeper contraction extends the mild bear trend we highlighted last week and raises questions about where structural support may re-emerge. In this edition, we use on-chain pricing models and short-term holder loss realization to assess how the market has reacted to this breakdown. We then turn to options, ETF flows, and futures positioning to evaluate how speculators are adjusting their sentiment amid this renewed ... (full story)