In a recent Cointelegraph interview, James Check uses onchain data to challenge popular Bitcoin narratives and outline his thinking for 2026.
Bitcoin’s price may look deceptively familiar, but according to onchain analyst James Check, the market beneath the surface has changed far more than most investors realize.
In a new interview with Cointelegraph, Check revisits a question he was asked earlier this year: Are we in a bull market or a bear market?
While Bitcoin (BTC) is trading near similar price levels, Check says that leverage, investor cost base, and sell-side behavior are now very different, and all those shifts matter. In fact, a majority of the capital currently invested in Bitcoin was acquired at higher prices, leaving many holders underwater and shaping a cautious sentiment.
