@warpwire
Why does $BTC price look so disconnected from the fundamentals?
Fundamentals look stronger than past cycles:
• easier access and better rails
• more institutional rails being built
• clearer rules in more places
But why can't the price hold?
My take:
• the big wipeouts changed behavior. less leverage. less risk appetite.
• ETFs aren’t a constant bid anymore, so dips don’t get auto-bought
• capital is chasing cleaner, simpler stories right now: AI stocks and gold
So I don’t think this is a “fundamentals are bad” problem.
It’s a demand and timing problem.
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