The cycle clock still says bear market. The network balance sheet says otherwise. $BTC is holding near $63k with funding neutral and open interest stable around 6.9B. The leverage cycle has fully reset, no crowded longs left to flush. On-chain health is strong and miners show zero capitulation. That's the same structural signature as the post-FTX clean slate in Jan 2023. I'm ignoring the halving calendar here. This structure marks a base, not a trap. What are you watching into next week's labor prints?
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