Bitcoin's washed out on the soft measures. The demand just walked back out the door.

Issue 03 closed with Cycle IQ at 54.8 and one bet: macro was the only thing that could overrule cleaning internals. It overruled them. This week — Issue 04 — the score fell 9.2 to 45.5, and the June firm-up turned out to be air. The question isn't whether the chain is cheap. It is. It's why nothing cheap is catching a bid.

The Read

• Cycle IQ 45.5 (Neutral) as of Jun 28, down 9.2. Broke the mid-50s it held all month.
• Altcoin IQ 37.8 (Neutral) as of Jun 28, down 7.0. Round-tripped its entire mid-June bounce.
• Attention IQ 24.3 (Quiet) as of Jun 28, up 5.8. A billion-dollar flush didn't bring the crowd back.
• Verdict: every score that firmed up in June has given it back, with no catalyst for the cheap valuation. Not a bottom call.

The demand exit came back, and macro is the vise