BTC has beaten the Nasdaq for three months. That’s the real tape. While stocks chopped near highs, Bitcoin made the stronger move. People calling that a “rotation” aren’t inventing it. What they skip is that leverage on this bounce is the highest since October. BTC already ran about 8%. The 4-hour signal that caught that bounce just flipped sell. Offers are sitting on this range. Those two facts can live together. A three-month win against the Nasdaq is the cycle. A crowded leverage print is the candle. Bull markets don’t usually die there. They wipe the late longs, reset OI, then keep going. I’m not short the cycle. I’m not adding size into this open interest either. Where’s your line, the quarterly chart, or this bounce?