A sea change is happening, this is the first time I've seen a large bearish move initiate where on-chain lagged price action.
IMO this is the shape of things to come, the ecosystem is maturing and become much more nuanced.
You may be suprised... Macro funds never sold their BTC in the 3 month bear slide.
Instead they went to cash by shorting on calendar futures.
Why? Because holding BTC and while shorting the futures market earned them 15% yield when bonds are pretty much negative.
