🧱 Defending $100K | Bitcoin enters the fragile phase of the cycle. Bitcoin just dropped below the short-term holders’ cost basis (~$112.5K) — the level that usually separates euphoria from exhaustion. Price now sits near $100K (about 21% below ATH) as demand momentum fades. 🟠 Glassnode data shows a defensive setup: ⤵️ • 71% of supply remains in profit, typical for a mid-cycle correction, not panic. • LTHs reduced holdings by ~300K BTC since July, selling into weakness, showing fatigue. • US spot ETFs record daily outflows between –$150M and –$700M, meaning weaker institutional demand. • Derivatives show fewer leveraged longs, while options traders buy puts, hedging instead of buying the dip. • Stablecoin liquidity is shrinking slightly, signaling reduced inflows. The market stands in a fragile equilibrium: no capitulation, but no strong bid either. If Bitcoin defends $100K and reclaims the STH cost basis ($112K–$113K), a rebound is possible. If selling pressure persists, the next key support is around $88.5K. 📊 Structure looks late-bull or early-bear — not a crash, but visible fatigue.