In this episode, Nik sits down with TBL on-chain analyst Johan Bergman to break down Bitcoin’s recent breakdown, sell-the-rip behavior, and the on-chain signals flashing bear market conditions. Johan walks through cost basis models, the AVIV Ratio Mean, short-term holder behavior, and why Bitcoin’s November trend break marked a major regime shift. They discuss ETF flows, forced selling, liquidation dynamics, and where real support may emerge next, while separating long-term conviction from short-term market reality.
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Nik Bhatia's Twitter: https://twitter.com/timevalueofbtc
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Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
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