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Bitcoin’s price story lately has been told like it only has one main character, the ETFs.
Money goes in, price goes up, money goes out, price goes down. It’s a clean narrative, and it’s not wrong, but it’s incomplete, because Bitcoin is not just a ticker. The network has its own internal plumbing, and some of the best clues about where we are in the cycle are sitting in plain sight on-chain.
The charts I’ve been watching feel a bit like checking the pulse under the headline. Miners, long-term…
