It's not only $BTC on the headline. Recently, risk assets and mining companies have also been contracting volatility together—as if they're preheating that August spike. Now spot is at 78772; it has hardly moved in the past 24 hours, yet the contract-to-spot trading volume ratio is 9.2x, and the funding rate is still +0.0095%. The heat is mainly concentrated in derivatives.

I don't chase breakouts for this kind of convergence. I’ve placed a 3% short limit above 78950, stop-loss at 79280, and I’ll look back at 78100. If it really wants to go to 80000, we need to see the spot price first step in and carry the baton—it's not just the contracts calling it quits.$BTC #Bitcoin