From our latest onchain BI Report: Ranging in Fear Last week, we noted that Bitcoin’s market structure resembled Q1 2022, with price capped below key cost-basis levels and demand failing to recover. Top buyers remained in loss, long-term holder stress was rising, ETF flows had turned negative, and perpetual markets were dominated by negative funding, all reinforcing a fragile, low-liquidity environment held up mainly by the True Market Mean. Since early December, Bitcoin has bounced from the True Market Mean at $81.5k, an on-chain average reflecting the cost basis of active supply excluding miners. However, price still cannot reclaim major bull-market floor models, such as the Short-Term Holder Cost Basis (~$109.1k) or the 200D-SMA (~$103.1k). Overall, the market continues to echo last week’s message: conditions resemble early 2022, defined by weak demand, elevated uncertainty, and a fragile equilibrium vulnerable to further downside.(Sina 🗝️⚡ BI Report)