Macro Weekly Report W17: Three green lights are on, just waiting for the final push from sentiment. Stablecoin market cap hits $322B, a new all-time high. ETFs saw 9 consecutive days of net inflows totaling $2.12B (strongest this year). Exchange balances dropped to 2.21M BTC, the lowest since 2017. Liquidity is flowing, institutions are buying, and sell-side supply is drying up. BTC this week: $77,483 (+2.4%), MVRV Z-Score at 1.2, far below the overheated zone of 3.7. But the Fear & Greed Index is only at 33—retail investors are still hesitant to jump in. In other words, the fundamentals are already ahead, but sentiment is lagging behind—a classic case of "fundamentals lead, sentiment lags." Last week, ETF inflows were $871M; this week, they surged to $1,600M, an 83% increase. Stablecoins grew 4.24% in a week. This is real money, not just hype. The only risk: miners' breakeven price is $77K, which is close to the current price. Any dip could trigger capitulation selling pressure. BTC dominance broke 60%, and altcoins are struggling even more. KelpDAO's $290M hack has directly suppressed the entire altcoin narrative. The spring is getting tighter and tighter, just waiting for one catalyst to release.