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Strategic positioning vs. rising optimism in $BTC .
Market sentiment is improving, Fear & Greed is rising and funding rates have turned positive. Traders are leaning bullish.
But on-chain data tells a more cautious story.
When exchange addresses are excluded, whale balances are declining, and 100–1,000 $BTC holders (including ETFs) show the same trend.
With ETF AUM down to $67.6B, near June 2025 lows, bid support remains uncertain.
Sentiment can shift fast. On-chain signals matter more than ever.