Almost one year after moving risk-off, @JustDeauIt is back to risk-on. - bitcoin:native is 97 days removed from what increasingly looks like its $58.5k cycle low. - Open interest remains nearly 47% below the prior-cycle high, with funding barely positive — leverage has reset. - 86% of the top 50 assets outperformed BTC over 30 days; 96% did so last week — participation has broadened. - Yet stablecoin supply shows no inflection, while ETF flows have come off considerably. The stablecoin-supply signal for truly risk-on conditions is still missing. Michael’s next focus is BTC’s direction and what that means for liquidity across crypto. —- Our latest edition of TDR Pro gives you Michael’s full market read, key levels and portfolio management. If you’d like access, sign up below👇