BTC gave a clean example of the current market regime. $76k → $67k → bounce to ~$70k. No trend, just range. What especially stands out: • Spot and ETF demand cooled → no strong bid • Derivatives turned defensive → less aggressive longs • On-chain still weak → no real activity expansion Market isn’t buying dips with conviction. This feels like classic pause phase. Until spot demand returns, BTC likely stays range-bound.