
Bitcoin is repeating a 2022 pattern – and this time we’re missing the buyers for what came next
CryptoQuant says Bitcoin’s latest rebound is being powered by perpetual futures while spot demand keeps contracting.
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US debt is growing faster than M2, leaving Bitcoin trapped between a bullish liquidity thesis and tighter market plumbing that keeps capping risk.

AI exposure has become a balance-sheet test for miners that sold investors on HPC growth before Bitcoin gets any relief.

Bitcoin rose with crude oil while US equities were closed, then reversed as the S&P 500 fell, leaving flows, oil, and Fed risk in conflict.

Spot Bitcoin ETFs have widened access to BTC, but the same flows that support price can reverse quickly when macro pressure rises.

Bitcoin is one Fed decision away from finding out whether its $80,000 rally has conviction or just relief.

The old summer sell signal looks weaker, but Bitcoin still needs inflation, jobs, and Fed data to hold the risk-on case.



