bitcoin:native 60K → 80K, this move was essentially driven by ETF buying pressure + improved liquidity + short squeeze; but after 80K, the logic has shifted—the real determinant for the next phase is whether spot capital can continue to step in. I recommend everyone focus on just 5 indicators: ETF sustained net inflows ｜ 10Y Treasury yields continue to decline ｜ OI cooling down ｜ Funding rates not overheating ｜ 77K-78K support holding strong. If BTC consolidates around 80K and OI drops instead, I think it’s a healthy leverage washout; then, if volume picks up and it stabilizes above 81.3K, the next target is 83K-85K. What would actually make me turn cautious is: Price hitting new highs + OI surging + funding rates overheating + ETF inflows slowing down + Treasury yields reversing upward. In short: 80K isn’t the key—the real key is whether there’s genuine buying interest above 80K.