SPOT DEMAND IS QUIETLY COLLAPSING BENEATH BITCOIN'S PRICE.

Binance CVD dropped from $50M to $6.5M.

Coinbase CVD from $30M to $5.7M.

Briefly turned negative on May 8.

Bitcoin is rallying on fumes.

Iran conflict unresolved.

Macro environment tightening.

Institutional confidence fragile.

The brutal truth is simple.

Without real spot demand returning this move has no foundation.

And foundations matter more than price.