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On-chain Analysis: Below The Mid-line

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…

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