Blockware Intelligence Newsletter: Week 196

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 11/15/25 - 11/21/25

BTC is down “just” 30% from its all-time high, but the “fear & greed” index is as low as the 2022 bear market. Despite the mild relative drawdown (30% compared to 75%), the market sentiment is equally as visceral. I believe there’s a few reasons for this…