Keep seeing people say "$6B hack and $BTC only down 2%" as bullish.
Think they're missing how Bitcoin trading changed.
2017: Everyone aping leveraged $BTC perps. Retail speculation = Bitcoin.
2020-21: Shifted. New traders on Uniswap didn't care about Bitcoin. They wanted alts, risk curve stuff.
2023-now: Even more extreme. CEX alts performed badly, so people moved onchain. Memecoins exploded. Equity perps pulled more degens away from lev longing $BTC.
This changed how Bitcoin moves. 2017 ATH breaks = violent rips. 2021 tops (post-Saylor aping) = choppy failed breakouts. 2023-2025 = months in compressed ranges, failed breakouts in Jan/Sept/Oct.
10/10 liquidation: $BTC barely moved vs alts getting wiped in one candle. Bitcoin traded above $100k for weeks after, didn't make lower lows until November.
Point is: No immediate downside reaction doesn't mean downtrend won't continue. Sellers are just more passive now. Fewer apes to liquidate on leverage.
Market structure changed. Don't mistake low volatility for strength.
Think they're missing how Bitcoin trading changed.
2017: Everyone aping leveraged $BTC perps. Retail speculation = Bitcoin.
2020-21: Shifted. New traders on Uniswap didn't care about Bitcoin. They wanted alts, risk curve stuff.
2023-now: Even more extreme. CEX alts performed badly, so people moved onchain. Memecoins exploded. Equity perps pulled more degens away from lev longing $BTC.
This changed how Bitcoin moves. 2017 ATH breaks = violent rips. 2021 tops (post-Saylor aping) = choppy failed breakouts. 2023-2025 = months in compressed ranges, failed breakouts in Jan/Sept/Oct.
10/10 liquidation: $BTC barely moved vs alts getting wiped in one candle. Bitcoin traded above $100k for weeks after, didn't make lower lows until November.
Point is: No immediate downside reaction doesn't mean downtrend won't continue. Sellers are just more passive now. Fewer apes to liquidate on leverage.
Market structure changed. Don't mistake low volatility for strength.