Bitcoin pulled back to the mid-$80Ks. Social sentiment flipped bearish fast. Retail fear is loud again. At the same time: – ETH just led net flows with ~$100M in 24h – Stablecoins keep integrating quietly into real products (Intuit, payments, accounting) – Regulation headlines are moving from “if” to “how” That disconnect is what stands out. Price action says panic. Infrastructure and capital flows say positioning. We’ve seen this movie before. Not every dip is an opportunity — but moments where fear gets louder than data are usually worth slowing down and paying attention to. This doesn’t feel like euphoria. It doesn’t feel like the end either. It feels like a market still trying to figure out what actually matters.