Bitcoin metrics signal a breakout, but a massive “underwater” supply wall is secretly pinning prices below $93,000

Bitcoin (BTC) walks to close 2025 with more than $112 billion locked in US spot ETFs, exchange reserves at a record low of 2.751 million BTC, and perpetual futures open interest of nearly$30 billion. Every single one of those data points would have sounded constructive in 2022. In late 2025, they m

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