BTC closed near 62K on Friday, and the Fear & Greed Index dropped to 10. The last time we saw this number was during the FTX week in November 2022. But this time feels a bit different. In the past 24 hours, $1.1 billion in liquidations happened across the market—$620M from longs and $480M from shorts, almost evenly split. BTC funding rates also flipped from deeply negative back to positive. This sharp drop wiped out both longs and shorts. It’s less like a one-sided capitulation and more like a two-way flush. Next week, instead of staring at the price every day, keep an eye on a few things: Can BTC hold 60K (the 200-week moving average is around there)? Will ETF daily net inflows reverse? And will stablecoin market caps start expanding again? Everyone can see the fear. What really determines the direction is whose hands the chips end up in after the fear. Have a great weekend.