ICYMI: Listed companies added just 5.9K $BTC over three months, versus 89K in July 2025 alone.

With spot just below their $80.5K average cost basis, corporate buyers face modest unrealized losses while providing little fresh demand.

This week's analysis

$BTC has reclaimed the True Market Mean.

That puts price back above a crucial level and back into a bullish regime.

Next major overhead is the corporate treasury cost basis around $80k and finally the ETF cost basis at $85k.

Altcoin leverage is still sitting below its risk threshold.

When the share of altcoin open interest comes within a few percent of Bitcoin's, the market is usually overheated.

That condition is not currently met, indicating a potential for alts to run further.

$BTC is climbing into a thickening liquidation shelf.

The dense cluster sits around $83k–$86k.

If reached, price could move quickly through this zone as shorts are forced to cover.

These shorts have been building for several weeks.

The current bid is strong enough that $BTC can be spent in profit without price immediately rolling over.

A sustained entity-adjusted SOPR above 1 is characteristic of a bull market.

A break back below 1 would signal that this demand is fading.

As expected, $BTC accelerated through the wall of short liquidations.

Shorts accumulated between $82k and $86k for months, however the rejection from this level was shallow.

Now these shorts are the fuel, as these traders are required to buy back BTC.

As $BTC has touched $86k, long leverage is slowly rebuilding in the options market.

Open Interest put/call ratios are moving up.

However, this still remains far from the frothy levels we saw near the BTC top.

Perp speculation also remains muted with funding below neutral.