Morning #Bitcoin check ✅ Let’s examine the current state of #Bitcoin by analyzing trends among retail investors. The first chart shows that retail investors’ net buying over the past 21 days reached approximately $48 billion, placing them at the 99.7th percentile—meaning they’re in the top 0.3% of buying activity. While the S&P 500 remains near all-time highs, capital is flowing into U.S. equities at nearly the largest scale ever recorded. Barclays has noted that retail equity exposure has reached levels not seen since 1997, with household equity allocations now at 45–49%, surpassing the peaks of 1999 and 2007. This vividly illustrates how aggressively retail investors are allocating their assets and taking on risk. History speaks clearly: 1999 → S&P 500 fell 49% 2007 → S&P 500 fell 57% And now, we’re beyond those levels. The “moment” is increasingly likely to arrive—and we’re approaching the most fragile, vulnerable point. So, what about Bitcoin? It’s well known that during equity risk-off episodes, Bitcoin tends to experience short-term downward pressure. On the other hand, ETF flows and options open interest suggest sustained medium- to long-term buying demand. MVRV still leaves room for correction, indicating that excessive euphoria is receding. Taken together, this aligns with my longstanding view: uncertainty will continue to rise, volatility will expand, and market differentiation (selection and separation) will intensify. If the overvalued equity market begins to unravel, a rapid collapse could follow. Simultaneously, Bitcoin may face further downside pressure—but it may also be re-evaluated as a store of value and a hedge against systemic risk. As Ray Dalio has warned, now is precisely the time to secure buying power, diversify risk (cash, gold, BTC), and implement hedging strategies. The data suggests we’re in the “late stage of bullishness”—but not yet the “end.” Still, we shouldn’t assume history will repeat exactly. Timing a bottom requires patience. I’m striving to remain detached from noise and emotional reactions, maintaining a broader, more objective perspective. Hopefully, you can sense why survival matters most. (o ﾟдﾟo)９ — Let’s prioritize evidence-based analysis!