$BTC no longer behaves like it did in 2021 or like it did in 2022.
Realized volatility is lower.
Risky leverage has been drastically reduced.
The big treasuries withstood a 50% drop without forced liquidations.
But the price is still trapped below its institutional cost basis, and ETF flow turned negative at key moments.
The risk has changed: itโs no longer the violent collapse from before.
Now itโs slow attrition.
Practicing patience again ๐
#BTC #Binance
Realized volatility is lower.
Risky leverage has been drastically reduced.
The big treasuries withstood a 50% drop without forced liquidations.
But the price is still trapped below its institutional cost basis, and ETF flow turned negative at key moments.
The risk has changed: itโs no longer the violent collapse from before.
Now itโs slow attrition.
Practicing patience again ๐
#BTC #Binance
