Oil back above $90. 10Y yield spiked to 4.75%. S&P and Nasdaq both opened red tonight.

$BTC? Still holding ~$78k. Up 24% in August.

But here's the crack: Aug 28 saw $202M net outflow from US spot $BTC ETFs — breaking a 9-day inflow streak.

My framework right now:

$77k holds = $BTC still in strong consolidation
Reclaim $80k = we can talk about leg 2

Meanwhile, US equity flows are fracturing — $22.3B fled stock funds last week, yet tech funds still pulled in $3.2B.

Liquidity is rotating. Watch the cracks.