📉 $BTC just dropped 4% from its $97K high — and yet, people are still eyeing $100K? Let’s talk facts.

On-chain activity exploded on May 2nd, hitting a 6-month high with over 925K active addresses in a day. Normally, that’s bullish… right? 🚀

But instead of rallying, BTC dipped nearly 2% the next day. Déjà vu from March: active addresses surged ➝ BTC dropped. 📉

Why? A closer look shows 5,000 BTC (~$484M) flowed into derivatives exchanges, not spot. That’s leverage-driven speculation, not real demand. 🧐

Since April 29th, when net outflows signaled true accumulation at $94K, things have gone flat. Spot demand? Missing. Retail? Sitting out. 😴

Now, active addresses just crashed to 618K, a 2-week low. That’s a clear sign traders are hesitant to buy at these elevated levels. ⚠️

So, is $100K coming? Maybe. But with bearish divergence, FOMO cooling, and retail sidelined, it’s starting to feel more like hopium than momentum. 💭

📊 Smart money watches behavior, not headlines.