BTC Intraday Update 1. Flows Asian + European sessions show strong inflows Futures: aggressive positive netflow across all timeframes Spot: positive, but still significantly smaller → Futures inflows remain ~4–5x larger than spot 2. Price Reaction BTC moved from ~73K → 78K+ Clean push into range highs Liquidity above range started to get tapped Momentum accelerating → Break attempt in progress, not confirmed yet 3. Positioning Move remains leverage-driven OI expanding alongside price Spot still lagging → Early stage expansion, but not structurally supported yet 4. Interpretation Current move = derivatives-led breakout attempt → Strong upside speed → Fragile foundation Without spot confirmation: → breakout risk remains elevated 5. What matters next US session = decision point If spot inflows follow → acceptance above range If flows weaken → high probability of rejection 6. Key nuance (important) Market spent ~80 days in compression → This is the first real expansion attempt But: → early breakouts from long ranges are often imperfect / fake 7. Conclusion Asia/EU initiated the move → Futures are driving → Spot is still catching up Now the question is: Does the market accept above 78K — or reject back into range Not financial advice.