BTC closed yesterday at $74,174

Realized Power Law sits at $82,476 — we're 10% below trend, 114 days running cold

Realized Price: $54,191 — price is 34% above realized, been 440 days since we touched that baseline

Translation: We're underperforming the power law model but still trading well above cost basis. Historically, this zone can flip bullish fast if macro cooperates. Watch for a reclaim of $82K to confirm trend reversal.

BTC RPPL