No.
It's a lot simpler than this galaxy brain take:
The 6-figure sticker shock is scaring retail. New money is trying to "outsmart" the market w/CRCL and COIN like w/ "cheaper" altcoins in prior cycles. This just means the 100k-120k range will be tough before 🚀
$billions of btc buying price stuck in $100-110k "must be paper bitcoin selling" here's another paper debunk. the guys buying big ticket amounts of btc are taking delivery: storing with custodians. i know a lot of retail are leaving on exchange, but hard to hide that much paper.
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