Bitcoin is attempting to stabilize around $65,200 as short-term holders approach breakeven with a SOPR at 0.997. Long exposure has hit a record 361,000 BTC, worth $23.4 billion, creating a risky imbalance with 57.62% of positions net-long. Spot demand is weakening, with the spot CVD dropping from 3,800 to 2,500 BTC since August 5th, leaving the recovery vulnerable and exposing the price to a decline toward $62,000 if momentum fades.
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