Since the US-Iran war started on February 28, Nasdaq has dropped about 1.6%, gold has fallen about 2%, while BTC has uniquely risen by approximately +7%+, outperforming all major risk assets. At the same time, BTC ETF net inflows have started turning positive, and BTC funding rates have turned negative, indicating that more people are shorting instead. Summary: Institutions are buying, retail investors are selling, shorts are continuously increasing their positions, and historically, this combination usually doesn’t end well for the shorts. $70,000—As long as it holds, the bulls still have cards to play!