On-chain Highlights
Bitcoin fell to $109.6k, breaching the short-term holder cost basis at $111.6k. The STH-MVRV ratio at 0.98 signals rising pressure on new investors.
Long-side max pain sits near $108.2k, highlighting continued vulnerability in derivatives positioning. Bulls need to reclaim higher ground to avoid deeper stress.
Short-term holder supply i…
Listen to this episode with a 7-day free trial
Subscribe to Bitcoin Intelligence to listen to this post and get 7 days of free access to the full post archives.












