Bitcoin’s latest rally is pure reflexivity: ETF inflows and White House reserve talk are sentiment-driven, not fundamental.

Bitcoin’s latest rally is pure reflexivity: ETF inflows and White House reserve talk are sentiment-driven, not fundamental. On-chain velocity remains <1.2, whale reloads are late-cycle noise, and corporate adoption base rates are near zero. Fade rallies until active addresses, NVT, and exchange balances confirm trend. Short bias intact; base rate for such rallies to sustain: ~22%.