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D thinks
🪫2. The Real Problem: The Rise is Fake, Leverage is Real
Something more ruthless is hidden on-chain.
This round, Bitcoin rose from $63,000 to $80,000, seemingly spectacular. But guess how much the stablecoin market cap increased?
Almost no change.
Compared to the true bull market in 2024-2025, when USDT market cap jumped from 120 billion to 196 billion, that was real new money entering. This time? Existing funds plus levera
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