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$BTC +37% from the lows $ETH +60% The rally has delivered, but the structure is starting to look stretched. What fueled it? • US Treasury buybacks • Progress on crypto legislation • Softer SEC positioning • A major short squeeze But there’s a key difference: most of these are sentiment/catalyst drivers not fresh liquidity That makes the current move harder to sustain I’m not calling the top — saying the risk/reward is changing. At these levels, confirmation matters more than chasing momentum.