Since October last year, 64,100 BTC have been withdrawn from U.S. spot ETFs. At the same time, the $100K level remains a breakeven zone for large players. Holding a losing position throughout an entire bear cycle is economically irrational - Grayscale proved this in the previous cycle.



So what narrative actually justifies buying at $100K right now?

The full on-chain breakdown is available in this Sunday’s Bitcoin Deep Research, together with the latest Adler Strategy update. 👇
BTC0,45%
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