• Rebound Meets Skepticism: Bitcoin bounced 3.5% and 9.2% off its $58.1K bottom, but whales barely accumulated and the crowd treats the move as a dead cat bounce.
• Long-Term Value Emerges: 365-day MVRV sits deeply negative — Bitcoin near -27.5%, XRP near -45% — historically marking lower-risk zones for long-term accumulation.
• Strategy Breaks Character: The firm known for never selling offloaded 3,588 BTC (~$225M), while ETF flows and fading bullishness hint at possible contrarian setups.

Early July delivered a modest rebound after a rough start to the quarter. Bitcoin climbed 3.5% over the week to around $63.9K, recovering from a bottom near $58.1K, even as renewed conflict headlines out of Iran threatened to derail the…