TODO MUNDO VAI QUERER COMPRAR BITCOIN TARDE DEMAIS? | Crypto Never Sleeps #62

Cauê Oliveira joins Marcello Cestari to analyze Bitcoin on-chain data, capital flows, global liquidity, and cycle positioning in 2026. He argues on-chain indicators are consistent with a bottom formation and historically positive 12-month forward returns, while short-term liquidity may still cause volatility. He also discusses Strategy/Saylor, smaller Bitcoin treasury companies, Russian mining bans, and the Clarity Act's long-term institutional impact. - Explained on-chain analysis pillars: time, concentration, and activity. - Realized Cap and stablecoin flows are still negative but decelerating. - Supply in Profit, Long-Term Holder Profit, and MVRV are near historical bottom levels. - Statistical study shows strong Bitcoin forward returns from similar historical signals. - Global liquidity proxy points to possible near-term Bitcoin volatility before a new expansion cycle. - Strategy selling Bitcoin is viewed as treasury management, not a death spiral. - Clarity Act is seen as structurally positive for crypto institutions but short-term priced in.