$BTC order flow > Price continues grinding higher. > Funding moving from positive to neutral > OI slowly expanding again. > Spot CVD trending lower > Perp CVD largely flat. > Coinbase premium remains negative. Interpretation: Long crowding is being reduced. proportionally short positioning enters while price holds. Spot demand isn’t leading this move. Internals continue to weaken beneath price. -> seems for now more like a positioning rotation Structure remains stable for now. But if price starts rolling over, the current positioning leaves room for a corrective move lower -> basically in line with the thesis for today but price is not reacting accordingly for now