In today’s briefing:
- Escape Velocity
Escape Velocity
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Bitcoin never closed below the Realized Price in this bear market. The share of coins in profit fell as far as in 2022, but NUPL stayed positive.
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Price sits just above a large block of long-term holder supply at $84K-$85K. The next major on-chain resistance is the mean MVRV price at $96.7K.
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Options positioning built up in one day: dealer hedging could speed up moves between spot and $92K and slow them near $95K.
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Profit taking is a fraction of what it was at the 2024-2025 tops, even though almost all short-term holders are in profit.
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ETF buying is picking up, and spot volume has more than doubled from its August low, this time with price rising and spread across many exchanges.
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Altcoins are rising broadly, but traders have added very little leverage.
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