Bitcoin Price Rally Masks a $35,000 On-Chain Gap Bulls Are Ignoring
Bitcoin (BTC) price trades near $77,500, up 13.5% over the past 30 days and comfortably above the February lows. The surface read is a clean recovery. A closer look at the rebound’s structure, a cost-basis gap between two holder cohorts that has preceded every cycle bottom since 2015, and a sharp jump in spot buying
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