This is not retail.
This is not sentiment.
If you still think BTC trades on simple supply and demand,
youโre looking at a market that no longer exists.
Let me put it plainly.
Bitcoin price is no longer set on-chain.
Itโs set in derivatives.
Thatโs the whole game.
BTC was built on:
21 million supply
No rehypothecation
Then Wall Street layered on:
Perps
Options
ETFs
Lending
Wrapped BTC
Swaps
Same structure.
Same outcome.
This is the exact break that already happened to:
Gold.
Silver.
Oil.
Stocks.
โPaper BTCโ exploded.
And once synthetic supply overwhelms real supply, price stops responding to demand.
It responds to:
Positioning
Hedging flows
Liquidations
Thatโs why the playbook is always the same:
โ Sell into every pump
โ Force liquidations
โ Cover lower
โ Repeat
This isnโt a free market.
Itโs a fractional-reserve price system wearing a Bitcoin mask.
Ignore it if you want โ
just understand why every bounce fails.
Iโve studied macro for 10 years and called almost every major top, including the October BTC ATH.
Follow. Turn notifications on
Iโll post the warning before it hits the headlines #WhenWillBTCRebound
