Crypto Macro Last Week Amid extreme fear, BTC quietly rose 5% this week, climbing back to $64,500. On-chain bottom signals are basically all here: MVRV dropped to 1.15, entering the historical undervaluation zone; Fear & Greed Index at 18, extreme fear; current price still suppressed below miners' $74K breakeven power cost line. Looks like a bottom. But the funding side tells a completely different story—spot ETFs have seen outflows for 4 consecutive weeks, with a total of $5.4 billion pulled out, and the DXY broke above 120, continuing to drain liquidity. Valuation says bottom, funding says run—these two still don’t align. Until ETF weekly outflows turn positive and DXY falls back below 120, I’m not rushing to believe this is the bottom. Let’s wait for these two numbers to converge first.