$BTC
🔞🔞 Bitcoin Is Below Trend just Pinned by Structure 👀
At ~21 months post-halving, Bitcoin is 26.7% below its long-term power-law value ($89.5k vs ~$122k).
In every prior cycle, this point was overheated 👀
This cycle is still below trend 👀
That’s the anomaly 👀
Leverage isn’t the issue:
• Funding ~1.5% APR
• Vol ~33%
No FOMO. No liquidation fuel.
Flows aren’t the driver:
• ETF outflows are small and slowing
• Price isn’t breaking because structure, not sentiment, is in control
Here’s the constraint ⬇️
Options
• Net gamma is positive → volatility suppressed
• Price pinned near ~$90k
• Support near ~$85k
• Upside supply clustered at $100k+
Now the key part most people miss
~43% of total gamma expires around Jan 30 👀
That doesn’t predict direction.
It removes a mechanical restraint.
When the hedge comes off, price is allowed to move again even if the narrative doesn’t change 👀
Hash rate isn’t at ATH, but hash vs price is constructive.
The network isn’t breaking. The market is just compressed.
Bottom line 📢
This isn’t distribution.
It’s compression.
And compression doesn’t last forever 👀
🚸 Warning 🚸 I do not provide financial advice 🔞The intent of this content is for you to be aware of market conditions before starting to invest 👌Thank you for reading 👌