RECAP: $4 BILLION BOUGHT

Today’s Take

• Bitcoin’s valuation has been restored to levels prior to the collapse of FTX

• The options landscape is very bullish, with a 0.21 BTC put/call ratio

• The price of BTC has been trading below the Realized Price for over 4.5 months

• Bitcoin surpassed the short-term holder cost basis for the first time since April 2022

• Every BTC cohort is stacking this …