Bitcoin is severely undervalued, similar to the COVID crash. #Bitcoin

STH cost basis at $103k (and trending lower). #Bitcoin

This drawdown caused the biggest spike in realized losses in over 2.5 years. #Bitcoin

Supply Distribution: More than 5% of all #Bitcoin changed hands during this drawdown! Movements of this size are rare but seen during capitulation.

Bitcoin is crashing! (Below key levels… again.) #Bitcoin

On-chain value map. #Bitcoin

Above the STH cost basis. #Bitcoin

12-month RSI of Gold vs. Bitcoin. Gold in mania territory. #Bitcoin

We saw a ~15% drop from the ATH. #Bitcoin

Q4, 2025. #Bitcoin

Bitcoin crashing further: price action, market structure, and whether gold is telling us where Bitcoin is heading next. Read today’s Bitcoin Strategy newsletter 👇

Market Analysis: Is Gold Telling Where Bitcoin Is Going?

Bitcoin Crashing Further: Price Action and Market Structure

Yes, we had a major deleveraging event and it affected the #Bitcoin price. But would you rather hold dollars or euros in the long term? EUR Low: 930 sats → Now: 1049 sats USD Low: 793 sats → Now: 899 sats In euros, the recent low was the first one since Jan 20th of this year, and we’re again fighting the 1,000 sats per EUR level. In dollars, we already had several lows, and are approaching 500 sats per USD even faster. If you're worried about current price action (orange area), you might want to zoom out. This chart is only 2 years of data.

The biggest liquidation event became a reversal to the STH cost basis. #Bitcoin

We're in the most bullish quarter of the 4-year cycle. #Bitcoin

We've been anticipating this rally by watching STH supply as a proxy for hype. #Bitcoin

Last week’s ETF inflows were the highest in 22 weeks, 8.8x the new supply issuance. #Bitcoin

1 USD = 828 Sats. #Bitcoin

Q4, 2025. #Bitcoin

STH Supply keeps rising. #Bitcoin

Continuing in the channel. #Bitcoin