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$BTC is showing an interesting divergence right now. Taker demand is picking up. Institutional flows are strong. Downside hedging is easing. Yet spot liquidity and on-chain activity remain weak. That tells me that market isn’t ready for risk-on expansion yet. At the same time nothing suggests a violent capitulation event in the near future. It’s something quieter. Demand is returning while the market is still largely asleep. $BTC #SandiskLongTermTargets