Bitcoin bulls keep telling me that price bottomed.
If they were right, they'd take every penny they have and invest it at these current levels, along 2 major AVWAPs:
🟢 AVWAP from Aug.'24 lows
🔵 AVWAP from Nov.'25 lows
But they aren't putting their money where their mouth is.

Twitter

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

BitMEX co-founder Arthur Hayes wrote that the recent Bitcoin crash may stem from traders' concerns about IBIT (BlackRock) […]
The article, "Arthur Hayes Speculates on BTC Crash Cause: 'Institutional Hedging Operations': IBIT Options Explode $900 Million," was originally published on BlockTempo, the most influential blockchain ABMedia media.

Arthur Hayes speculates that the reason for the BTC crash is "institutional hedging operations": IBIT options saw a surge of $900 million.

Unusual trading in BlackRock’s bitcoin ETF, iShares Bitcoin Trust (IBIT), has led traders to speculate that this week’s sharp Bitcoin drop may have been triggered by one or more Hong Kong–based hedge ...

Bitcoin Selloff Sparks Hedge Fund Speculation Around BlackRock ETF

Why is the AVWAP so important?
Because it represents the market's aggregate cost basis from a specific starting point to literally determine where the market has the most price memory.
In uptrends, investors are in profit...
Which means that price should trade above AVWAP.

They keep telling me about "HiGhEr LoWs On HtF sTrUcTuRe"
But if that was significant, why are investors at break even (or at a loss) during an uptrend?
Since August 2024, when BTC was trading at $48k, investors (on the aggregate) are currently underwater.
That's not bullish.