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$BTC has risen so much, yet Coinbase's premium index has been negative for 20 consecutive days, indicating that large-scale buyers in the US haven't entered the market yet? Not just the past 20 days, but most of this year has been negative. This means the rally above 80,000 is absent of US spot funds and is driven by offshore and derivatives. The good news is leverage is being cleared: open interest dropped 10% yesterday, and 90% of liquidations were longs — it's the leveraged traders being cleaned out, not spot holders running away, so this kind of decline is actually healthy. USDC issuance increased by 786 million in one day, with a net increase of 1.95 billion over the week; stablecoin liquidity is still flowing into the pool. The Fear & Greed Index is 71, in the greed zone, sentiment is still alive. Today is futures expiration day, so let's wait and see. The upward trend is still intact. For those without positions, it's recommended to build up to 30% exposure. I see this upward trend reaching 90,000.