Bitcoin realized cap continues to climb, but fresh capital coming through ETFs, stablecoins and corporate treasuries has been much weaker than during the major 2024 and 2025 rallies. That creates an important distinction. BTC can continue moving higher as existing holders reprice their coins and take on more risk, but a sustained rally usually needs new demand entering the market as well. The previous cycles saw much larger inflows supporting their moves. Right now, the market is getting less fresh capital behind the rally, which could make the current advance more vulnerable if existing holders start taking profits. That doesn’t mean Bitcoin has to reverse. But if ETF flows, stablecoin liquidity and treasury demand start picking up again, this rally could have a much stronger foundation. #BTC Price Analysis# #BTC Above 60K# $BTC $ZEC