87% of the top 100 coins are back above their 50-day trend. A month ago that number was closer to 36%. BTC's getting close to $80K and the price targets are already flying. Does this mean alt season's starting? Well, the main thing I'm watching is who's doing the buying. The move started like a classic squeeze. Short liquidation levels were stacked right above BTC, and buyers came in hard around the mid-$60Ks. Once price pushed into those levels, the forced buying did the rest. But the squeeze isn't really what's carrying this anymore. BTC and ETH ETFs pulled in around $3B over the last 7 days, and spot buying ran about $1.5B on BTC and $805M on ETH. So there's a real bid under this rally now. The catch is that the biggest chunk of that bid are coming from ETFs. That's great for Bitcoin's price, but it's not the same thing as retail flooding back into crypto. So no, alt season isn't starting. This is BTC and institutions pulling the market out of a hole. Meanwhile, traders are getting aggressive again. Open interest is climbing, funding's already at 0.94%, and the futures premium is widening. People went from scared to paying roughly 13% a year just to stay long, and it took about three days for that switch to happen. That's the part that makes me nervous. When the long side gets this crowded and levered, one bad headline is all it takes to kick off a liquidation cascade. The early bull signs are real. But retail is nowhere in sight, and leverage is rebuilding faster than the demand underneath it. A few things that would make me get more aggressive: • ETF inflows holding near that $3B weekly pace instead of fading • Funding and the futures premium cooling off while price holds • Breadth staying above 80% through the first real pullback • Dominance slipping under 59%, which is the actual rotation signal So, what am I doing? I'm accumulating majors, slowly. The whole reason these prices exist is that retail isn't back yet, so waiting for them to show up before you bid kind of defeats the point. By the time your group chat is asking about crypto again then BTC’s gonna be 100k. Be smart about it. No chasing, and no leverage. The recovery looks real to me, and so does the cascade risk. There’s going to be flush imo. You wanna be the one who buys and benefits from it than the guy getting liquidated.(Edgy - The DeFi Edge 🗡️)