Interesting set-up today. Treasury buyback details hit at 15:00 GMT and could put some early pressure on the dollar, with the 17-week bill auction half an hour later. The one I’m really interested in is 17:00 GMT and the 10-year reopening. If we get a decent risk-on move into that window and the auction tails, I’d be very wary of chasing it. Higher yields could turn the whole thing around pretty quickly.

One of the questions we are asked most frequently is whether Biyond is bullish or bearish on Bitcoin. We understand why people ask it, but never found it particularly useful. In our experience, some of the worst investment decisions begin with the correct long-term view. Investors identify where an asset is ultimately headed, but they enter too early, take too much risk or allow conviction to replace evidence. They arrive at the right conclusion and still produce poor returns. That's because investing isn't simply about knowing where an asset eventually trades. It's about understanding the sequence of events most likely to unfold before it gets there. Bitcoin's recent rally is a good example. Optimism surrounding the CLARITY Act, continued institutional adoption and improving sentiment have encouraged many investors to conclude that the next leg of the bull market has already begun. Looking beneath the surface, we were not seeing enough evidence to justify becoming more aggressive. Oil prices were pushing higher, US two-year Treasury yields had begun to rise and financial conditions were becoming less accommodative. None of those factors individually would have caused the team to materially change their outlook. Together, however, they suggested that the easy part of the rally was probably behind us and that patience was likely to be rewarded. One thing I've noticed over the years is that exceptional opportunities rarely feel comfortable. When fear is widespread, adding risk feels reckless. When optimism is everywhere, reducing exposure feels foolish. By the time a decision feels obvious, the market has usually already adjusted to reflect it. The best opportunities tend to exist in the uncomfortable space between uncertainty and consensus. Our long-term outlook remains unchanged, and we continue to believe materially higher prices lie ahead, as this cycle unfolds broadly in line with the four-year rhythm that has characterised Bitcoin since inception. The question is not whether Bitcoin would eventually trade higher. It was whether the current price represented an attractive opportunity to commit fresh capital. One of the biggest lessons observed and learned over the years is that markets reward investors who consistently make decisions where the balance between potential reward and downside risk is genuinely skewed in their favour. That principle has shaped almost every meaningful investment decision at Biyond. That's the standard we hold myself to every day, and it's the approach I share with PRIME Mentor members.

Big movement of Whales going back into Stables. Looks to me that they are expecting a leg lower. And a long lasting one.

The Gex+ is becoming a regular daily feature in my newsletter Biyond Daily and very helpful intraday directional guidance (even though it can obviously change quickly). Happy I spent the time to research it this year, and also the Pivot zones where algos flip to short or long. With that said, today market makers are still overwhelmingly long gamma environment across all relevant near-the-money and out-of-the-money strike prices. Simply meaning, and a line taken from you guys at the Kingfisher........ a structural "straitjacket" on the price of Bitcoin until this environment changes, and any organic retail or whale buying/selling pressure is completely absorbed and neutralized.

Large spike in USDT whale holding over recent days. Keeping a close watch. Either the end of the recent ST correction or a pending re-deployment back into crypto for an attack on BTC 91,000 USD.

Would like to see a close under 66,000USD this week to turbo charge the downside. Bitcoin is getting close to decision time.

Today we launched a new quant indicator Biyond Storm, which is a volatility regime indicator that aggregates on-chain and derivatives metrics. Biyond Storm is forward-looking — it blends on-chain activity, derivatives positioning, and implied volatility to flag conditions that historically precede large moves. Check out Biyond.co to see it Live.