📊 BTC CQ: Since October 30, 2025, Bitcoin has traded below the short-term holders’ realized price (STH) of $104K. Historically, extended periods with STH in the red tend to coincide with the clearing of weak hands and a shift of supply to more resilient, high-conviction holders. Until BTC can reclaim the STH around $104K, market conditions are likely to remain unfavorable for new entrants—more a transitional phase than a bear market.