bitcoin:native BTC is back to around 78.3K, but contract OI is still at $25.1 billion, with an average funding rate of about +0.0049%. Leverage doesn’t seem overheated. In the first 4 trading days of September, U.S. spot BTC ETFs have seen a cumulative net inflow of approximately $770 million. The real pressure lies in the macro: 10Y U.S. Treasury yield is around 4.81%, Brent crude is nearing $99, and U.S. stock futures are leaning weak tonight. What’s interesting, though, is that the AI storage line with Micron and SK Hynix remains strong, showing that funds haven’t fully exited growth assets. If 78K holds, the bias remains bullish. If it breaks, look to 76K first. If it reclaims 80K, then we can talk about 82–83K. For now, don’t chase the breakout—wait for oil prices and U.S. Treasury yields to give us the answer.