BITCOIN'S BREAKOUT STALLS AS OVERHEAD SUPPLY CAPS GAINS

Summary from the TLDR Crypto newsletter

Glassnode shows BTC's early January breakout fizzled as the price failed to clear a dense band of breakeven-level supply near $98,000. While onchain metrics and subdued derivatives activity suggest consolidation in a low-participation market rather than a decisive bear turn, fragile macro conditions and nearly $1 billion in combined spot ETF outflows mean upside needs stronger, broad-based demand to absorb the overhead supply.