$BTC breaks 90k, the risk-off narrative heats up, but the market swings between gold and US stocks. Traditional correlations have broken down—BTC sometimes behaves like digital gold, and other times like a high-risk asset.

The market focus has shifted: it's not about who to follow, but whether it can continue to go Up Only.

The options market is buzzing, with a large number of high strike Calls being bought; ETFs have seen net inflows for six consecutive days, totaling $3.1 billion, with TradFi funds continuing to increase their stakes.

A healthier phenomenon is that leverage has not overheated, perpetual funding rates are stable, and spot buying is dominant.

But the real test is right ahead: this week’s JOLTS job data, preliminary GDP, employment cost index, NFP non-farm payrolls, along with earnings reports from tech giants MSFT, META, AAPL, and AMZN. A massive influx of fundamental data combined with risk events—will BTC's Up Only myth continue or come to an end?