Standard Chartered called the bottom at 59K. SpaceX IPO holds 1.29B in $BTC. Iran peace deal cleared the last macro overhang. FOMC is 5 days out — rate fear historically peaks BEFORE the meeting, not after.
Here is what the post-winter rotation playbook actually looks like:
1. BTC stabilizes and absorbs institutional flow first — ETFs restarting, Strategy buying, BlackRock income ETF launching
2. Productive L1s catch up — driven by real yield, burn mechanics, and upgrade tailwinds
3. Mid-cap infrastructure plays accelerate last — subnet deployments, compliance-ready architecture, enterprise usage
The trap is waiting for confirmation from each stage before entering the next. By the time the signal is obvious, the discount is gone.
The Clarity Act has a July 4 deadline. Japan just passed crypto-as-stocks legislation. $BNB just got a VanEck ETF filing citing fee revenue and burns — not just access. These are the scaffolding that makes capital want to rotate.
The boring phase after a bottom is always the hardest to hold through. It is also usually the most rewarding.