Bitcoin ETFs pulled $532M in a single day while $BTC is back above $80K for the first time in 3 months. Looks clean on the surface. But 63% of those inflows came from BlackRock alone. Fidelity added most of the rest. Every other fund printed zero. And the trigger wasn't on-chain. It was a ceasefire agreement between the US and Iran flipping risk sentiment overnight. The Fed's NFP data this week will do more for price action than anything happening on-chain right now. Lose $77K-$78K and the narrative flips back fast. That's the level leveraged longs are sitting on. Is the market actually ready for a world where the Fed press conference matters more than the next halving narrative?