Bitcoin is telling two different stories at the same time, and the gap between them is the trade. On price, it looks weak: bitcoin was trading near $78,629 on Friday, October 30, after bouncing from an intraday low of $76,301, still below the $80,000 level that has become the market's psychological dividing line. On-chain, it looks cheap: the market-value-to-realised-value ratio, MVRV, has...
