Bitcoin’s latest dance with volatility has been anything but boring.

In a single day, BTC made a run at $106K - matching its May 12 high - only to retrace just as fast. Whipsawing between $103K and $106.5K, the market’s indecision left over $670 million in leveraged liquidations. Surprisingly, the biggest slice of that damage wasn’t even BTC - Ether positions took 39.4% of the hit as ETH plunged 7% from $2,580 to $2,400.

Despite the chaos, Bitcoin’s fundamentals seem to be quietly tightening. The average transaction fee has crept up to $2.40, its highest in 2025, hinting at growing demand for blockspace. And illiquid supply - Bitcoin tucked away in wallets with little spending history - is now at an all-time high, setting the stage for a potential supply squeeze.

Interestingly, while daily transactions are down 35% since April, fees are rising. Fewer hands moving coins, but more are willing to pay to get in. That’s a signal.

Altcoins wobbled under Bitcoin’s turbulence, yet RWA tokens like MAPLE and PROPY barely flinched - proof not all ships rise or sink with BTC.

Whether this was Michael Saylor’s weekend hint or a typical short squeeze, the takeaway is simple: Bitcoin is flexing, not failing.