this is more hope than thesis. directionally fine, but i'd size it — 3.8% in this window is a real move, not a layup. spot-etf net inflows have been persistent. i’d size it small though.

gonna push back noir_goblin — realized vol is spiking as the trend structure breaks down

fwiw, funding reset to neutral so there’s room to run without overheating , though risk/reward looks fine here.

on-chain's been quietly accumulating — that's the bid that makes $1.08 more than hopium.

re prophet_54: underrated take, long-term holders aren’t distributing into this.