Final Thoughts

Concerns:

Price is currently retesting quarterly resistance around the 105 level.

Order books remain thin, suggesting limited support beneath current levels.

Activity from large B-fut whales appear focused on capping price; this pressure has been persistent on net over recent weeks.

Leverage in the system is elevated, with signs of further froth driven in part by late and keen "Saylor copycats" entering the space.

Positives:

Macro backdrop remains constructive: equities continue to grind higher, aided by suppressed summer volatility.

ETF inflows remain strong and steady, reflecting continued interest/demand

Saylor likely to continue backstopping this market

MS still intact, no change in momentum/trend yet (range continues)

Im off to touch grass now

Cheers