Bitcoin is 9% above its realized price of ~$53,600.


That's the average price every coin last moved at.
Get close, and the typical holder is barely green. It's marked the floor in past bear cycles.
But demand fell 652,000 BTC last week, the biggest drop since January 2022.
ETF demand is shrinking fastest since spot funds launched.
The bid that drove this cycle has flipped to selling.
Value zone, no buyers. That's the setup.
BTC0.21%
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