Despite macro-driven volatility, positioning underneath the market has remained relatively constructive. Leverage remains contained. BTC open interest remains well below the 780 to 800K BTC levels seen earlier this year, suggesting leverage has not rebuilt to previous extremes. ETF flows have remained positive through the volatility. Inflows continued even as Bitcoin retreated from above $87K toward $83K, suggesting that the macro-driven selloff has not yet triggered a comparable reversal in institutional capital flows.