$BTC

Random Writing Bitcoin has recently been playing a high-altitude tightrope walk around $95,000, with both bulls and bears fiercely competing at this critical position. On-chain data reveals a harsh truth — over the past two weeks, there has been a net outflow of 42,000 BTC from exchanges, yet the open interest in derivatives has surged by 60%. This extreme divergence often signals the calm before the storm. Strangely, the US spot ETF has seen a net inflow of funds for 18 consecutive days, but the price just cannot break through the previous high, as if there are invisible hands suppressing the market.

Miners are staging a doomsday carnival, with the overall network hashrate increasing instead of decreasing after the halving. Those old mining machines that should have been eliminated are barely surviving thanks to the ultra-low electricity price of $0.03. However, a closer look at the blockchain explorer reveals that recently 50% of the blocks have been taken by three anonymous mining pools, a level of hash power concentration comparable to the Mt. Gox era in 2014. The market is waiting for a trigger point — it could be BlackRock suddenly applying for a physical redemption mechanism, or it could be the 140,000 BTC compensation from Mt. Gox starting to move.

(On-chain detectives have discovered that a dormant ancient address that had been silent for 11 years suddenly woke up, with a buying cost of only $3 for 1,000 BTC inside. Even more frightening is that the number of activations for these 'zombie coins' has surged by 400% year-on-year in the past month...)