Bitcoin price is no longer set on-chain.
Spot, futures & options volume is now 7–16x larger than BTC network settlement.
Price discovery = Derivatives > On-chain
🐋 Whales in leverage markets run the show.
Spot, futures & options volume is now 7–16x larger than BTC network settlement.
Price discovery = Derivatives > On-chain
🐋 Whales in leverage markets run the show.