The BTC market is kind of magical right now: 1️⃣ Retail investors: Selling at a loss (STH-SOPR < 1, short-term holders selling at a loss) 2️⃣ Futures: Crowded shorts (Perpetual funding rate turns negative, shorts piling up) 3️⃣ Institutions: Quietly buying ETFs (Spot ETF 7-day fund flow turns positive again) 4️⃣ Options: Quietly bullish (Call buying ratio at 40.3%, compared to just 27.8% last week) At the same time, everyone is doing completely opposite things. Whenever the market is this divided, it’s usually building up for a big K-line move.