Bitcoin has outperformed the S&P 500 on more trading days than not in recent weeks. Still, its price has failed to hold above $85,000 and has even struggled to stay above $80,000. On-chain data identifies 12 factors weighing on the market, including fading ETF demand and heavy selling pressure from long-term holders. These headwinds are limiting Bitcoin’s recovery despite its relative strength against the S&P 500.
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