Dealers don’t scream when they step off the gas - they just stop absorbing.
This week, they did exactly that. But someone else rushed in to fill the vacuum... and it wasn’t who you'd expect.

Bitcoin just saw a major positioning reshuffle beneath the surface - not panic, not euphoria, but a subtle transfer of risk. The kind that precedes violent resolution.

In this week’s breakdown, we dissect who’s trimming, who’s chasing, and what this rotation means for where we are in the cycle. Spoiler: it's not the top.