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Bitcoin on-chain data just confirmed a “demand vacuum” that threatens to drag prices down to this uncomfortable range

https://cryptoslate.com/heres-why-bitcoin-is-in-bear-season-and-what-has-to-change-for-it-to-end/
Bitcoin’s 2025 was billed as the year of the “supercycle,” powered by record institutional access and a friendlier policy backdrop out of Washington. However, it is ending very differently. Into December, the world’s largest digital asset is not pricing in a new paradigm so much as grinding through a performance problem…

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