Monday narrative: BTC is back at 64K. This time, it doesn’t look like retail investors are driving it. A Japanese corporate pension fund announced it’s allocating 1% into crypto—money from 1,200 small and medium-sized enterprises. Way more solid than VCs hyping things up. Meanwhile, Strategy’s STRC dropped over 40%. The market is re-pricing Saylor’s debt-for-BTC flywheel strategy. Altcoins are moving too. WLD +3.6%, BEL +2.9%, AXS +2.3%. No crazy pumps, but the whole leaderboard is green—not a single one in the red. Someone’s clearly positioning early. The situation in Iran is still fluctuating, but BTC’s sensitivity to geopolitics is noticeably dropping. This time last year, similar news would’ve tanked it by 5%. Now it’s not even 2%. Two signals to watch this week: Is Japan’s 1% allocation real money entering the market, or just an empty statement? And if the U.S. stock market’s AI narrative continues to heat up, funds might flow there first. To be honest, we’ve seen 64K too many times. The price isn’t surprising anymore. What’s surprising is that the market isn’t scared of bad news anymore.