Spot traders are turning to altcoins.

Total spot volume now runs close to 4x Bitcoin's, the highest since September 2025.

Demand for higher risk like this has often lined up with local tops in $BTC.

$BTC has stalled under its heaviest supply cluster.

More long-term holder coins sit at $84k–$85k than at any other price on the chart.

Price needs to break through and hold above this level for the rally to continue.

$BTC is rallying on less leverage.

Price is up 35% from the August low, while coin-denominated open interest is down almost 20%.

That puts open interest at its lowest since March, potentially making the rally less susceptible to leverage flushes.

There are several ways to earn yield on Bitcoin.

In our latest report with @xapobankapp, we examine the Bitcoin yield landscape in detail.

Bitcoin is holding up, but it has hit a wall of sellers at $85K.

Our new Week On-chain maps what it would take to break through.

Bitcoin's relative strength is back.

In June, $BTC beat the S&P 500 on just 1/5th of trading days, the weakest stretch in six years.

Its win rate is now back above 50% with stocks flat.

This points to an idiosyncratic bid for Bitcoin itself.

The sell wall over $BTC has gone.

Buyers took out the $85k wall yesterday, after almost a week of failed tests.

The rest of the sell orders seem to have been removed.

With reduced ask liquidity above, this should allow price to move up faster.