Did the Bitcoin Bull Market Just End? | Checkmate & Alec Dejanovic

Checkmate and Alec Dejanovic from Checkonchain break down what’s really happening with Bitcoin’s price. The unprecedented long-term holder sell-off, the spot buyers absorbing billions, and why this cycle looks less like a normal bull market and more like a Great Rotation. We get into old coins coming back to life, sovereign accumulation, stalled ETF flows, and why the real story isn’t who is selling, it’s who has the balance sheet to buy this much Bitcoin. Checkmate also explains the true market mean at $82K, how to spot bottom formation, why 70% of Bitcoin’s cost basis now sits above $85K, and how ETFs and iBit options are reshaping Bitcoin’s entire market structure. THANKS TO OUR SPONSORS: IREN RIVER ANCHORWATCH BLOCKWARE LEDN BITKEY FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Checkmate: https://x.com/\_Checkmatey\_ Alec Dejanovic: https://x.com/alec_rhythmic

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This episode was published on November 24, 2025.

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