Bitcoin’s $76,000 Test: Strategy Holdings and On-Chain Data May Define Market Structure

TLDR: Strategy’s average Bitcoin acquisition cost near $76,000 has become a critical structural reference point for current market direction.  Flat Realized Cap growth indicates existing holders rotating positions rather than fresh capital entering the Bitcoin ecosystem.  SOPR readings below 1.0 show short-term holders realizing losses, creating conditions for relief rallies but not sustained reversals.  Strategy’s [...]

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