Best regulatory month for crypto in years. 16 tokens classified as commodities. Stablecoin bill almost done. Kraken gets Fed master account.

BTC down 4% through all of it.

That's the part nobody fully processes. The macro backdrop improved dramatically. The price didn't follow.

Nearly half of all BTC is now trading at a loss. Fear and Greed at 8. FTX paying out $2.2 billion to creditors this week that adds pressure most people aren't factoring in yet.

Regulation got better. Sentiment got worse. Both things are true at the same time.

That kind of disconnect usually doesn't last forever. Question is when and which direction.

What's your read accumulation zone or more pain ahead?