When price is down, conviction gets tested.

Today’s read:

Price weak

Leverage still elevated (Paper-to-spot ratio: +36.3% in 30 days)

Flows still soft

That is short-term pressure, not necessarily long-term damage.

In Bitcoin, short-term price is set by marginal forced sellers.

Size your position so volatility cannot force you out.

Long-term value is set by fixed supply + adoption.

Long term thesis is still in tact.