🚨 Is Bitcoin Entered a Risk Phase? 🚨 A Detail Analysis: $75B has been borrowed by major tech firms in just the last two months — primarily to finance data center expansion When large-cap tech absorbs this much credit, risk capital for speculative assets like Bitcoin tightens sharply.

On-chain data from @glassnode shows OG Bitcoin whales offloading large positions = $100M to $500M transactions similar to the sell patterns seen near the 2021 peak. These wallets historically distribute at market tops and reaccumulate in deep drawdowns. This rotation suggests profit-taking, not accumulation.

Institutional activity confirms the shift. For the first time in 7 months, net institutional Bitcoin purchases have fallen below daily mined supply. Demand from funds and treasuries is no longer absorbing issuance — a condition that typically precedes short-term drawdowns.

Options and liquidation maps highlight the next volatility trigger. The $93K–$94K zone carries dense liquidation clusters — meaning a break below could cascade into forced selling. Conversely, if liquidity holds there, it becomes a strong base for a relief rally.

Layer on emerging macro risks: Rising debt-fueled corporate spending, potential quantum-security concerns (projected by 2028), and Wall Street’s increasing control over BTC liquidity — and sentiment is fragile. Bitcoin remains structurally weak comparing to the Nasdaq Index, but the near-term setup is high-risk, high-volatility. Smart money is already repositioning.