THE BITCOIN TOP WASN’T FUNDAMENTAL. IT WAS MECHANICAL.
Price held up despite QT.
But the foundation was flawed:
ETF inflows were collateral farming
MSTR was an equity premium arbitrage
Dollar liquidity was shrinking silently
The machine stalled.
The rally faded.
Now comes the reset phase smart money waits for. $BTC
BTC
88,274
+1.13%
ETH
2,956.88
+0.75%
SOL
123.75
+1.55%