⚠️ Bitcoin just flashed a warning that most people are going to ignore.
And that's exactly what worries me.
Swissblock's Bitcoin Risk Index just hit "High Risk" 33/100.
Not moderate. Not cautious.
High risk.
The same reading that showed up before Bitcoin's 2022 breakdown.
The one that ended in a -35% capitulation.
Here's what's changed under the surface that most retail traders aren't watching:
May started with institutions aggressively accumulating.
Then something flipped.
Quietly. Cleanly.
Accumulation turned into distribution.
Smart money isn't buying this market right now.
Smart money is handing bags to whoever is still excited.
Meanwhile ETF outflows are surging the same Wall Street crowd that everyone said would "legitimize" Bitcoin is now pulling chips off the table.
And Iran tensions are adding a layer of macro fear that algorithms are programmed to sell first and ask questions never.
This doesn't mean the bull market is over.
It means the easy part is over.
The next move will separate the people who understood the cycle from the people who just got lucky in it.
A -35% drop from current levels puts BTC near $65K.
Is that a crash or the best accumulation window of 2025?
That depends entirely on whether you saw this coming.
You just did.
#Bitcoin #BTC #CryptoRisk #ETF #Swissblock