1/ Still think $BTC is sitting on somewhat shaky legs here. Participation and demand continue to look pretty thin. A few datapoints I’m watching, and what I’d like to see turn around for a sustainable recovery 🧵👇

更多来自 @n3ocortex

1. #1

   Long liquidation risk has built up around $61K in the past weeks. If we get there, I’d expect forced selling to add momentum to the downside. #BTC

   RafaelRafael @n3ocortex · 2026-08-11

   
2. #2

   A mere 0.7% of $BTC miner revenue comes from transaction fees, and has been sub 1% for almost a year. Bitcoin was below $400 the last time fee share was this low. Security budget…

   RafaelRafael @n3ocortex · 2026-08-11

   
3. #3

   The Great AI Migration #BTC hash rate down nearly 20% since its October peak

   RafaelRafael @n3ocortex · 2026-08-06

   
4. #4

   The #Bitcoin Cycle Position Heatmap Red when euphoric, blue during capitulation. Today it sits in its coldest stretch since FTX: late in the bear, but not yet the unanimous deep b…

   RafaelRafael @n3ocortex · 2026-08-03

   
5. #5

   Following the Coldcard security incident the number of addresses sending #BTC spiked on Friday to levels not seen since early 2024.

   RafaelRafael @n3ocortex · 2026-08-02

   
6. #6

   The three-week recovery to $66.9K was hedge-unwinding, not sustained buying. Shorts closed, puts unwound, price pushed up mechanically. By the Jul 21 top, delta skew collapsed fro…

   RafaelRafael @n3ocortex · 2026-07-31

   

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