$BTC something! This valuation for the deal is already stalled—it’s a dead end. Last October’s sky-high price is now just old accounts that can be reopened. It’s been almost a year, yet the price is still stuck in a drawdown trench, unable to climb back out. Even if the market cap still ranks first among everyone, the ranking can’t save a valuation curve that has been sliding downhill all the way. On the contract side, it’s even less willing to accept it: futures are being dumped at a discount, and the price still isn’t as high as the spot market. Plainly, real money refuses to recognize this valuation.