Something's off with this Bitcoin move. Historically, those explosive upswings always showed up as strong positive readings on the retail participation metric. But now? The signal's flashing red while BTC keeps hovering near the top of the trading range.

That's the puzzle—price holding steady, yet the underlying momentum from smaller players looks anemic. Back in previous bull runs, you'd never see this divergence. Strong rallies meant strong green spikes across the board. Today's different. The absence of retail buying pressure during a near-range high is worth paying attention to. It whispers something about conviction in this move.