TL;DR (What Matters Tonight)
Derivs lean up: Options/term structure support paths to $140K–$150K despite intraday shakeouts.
Flows > FOMO: ETFs/stablecoins keep absorbing supply while retail is still sleepy.
Tight float: Exchange balances near lows; DATs and treasuries growing; ETH float especially constrained (>10% held by treasuries/ETFs).
Key battlegroun…
