Some friends asked me: 'Why isn’t BTC dropping right now? I was hoping to buy the dip!' I took a look at the long/short volume and on-chain data. The reason BTC isn’t dropping is that the bears are truly running out of steam: the selling cycle for long-term holders has ended! Check out the volatility curve On the contrary, whales are accumulating, exchange balances are decreasing, and bearish news has already been priced in. There’s support below, but no one chasing above—this is the on-chain truth behind the resilience around 76K.