POPA ReconExisting holders have been carrying this $BTC rally.
Existing holders have been carrying this $BTC rally. The realized cap keeps climbing while new money from ETFs, stablecoins and treasuries is dropping. The 2024 and 2025 rallies showed the same gap, but on far larger inflows. A pickup in new money would put real demand behind BTC.
The excerpt is quoted from a public Telegram channel, which owns its text.