Up 7%, but no one dares to hold a heavy position? The real variables haven't materialized yet… BTC's recent rebound is close to 7%, and after reaching around 72,000, it clearly starts to "hesitate." On the surface, it's rising, but institutions are not moving in a unified direction. One side is betting on $80k call options on Deribit, while the other is continuously adding positions to protect against a decline. Even the demand for calls related to BlackRock's spot ETF (IBIT) is increasing — but the key point is: both bullish and defensive positions coexist. What does this indicate? It's not bullishness, but uncertainty. The real variables are at the macro level: the situation between the United States and Iran, changes in energy prices, and even potential impacts on interest rate expectations. Capital hasn't exited the market; they are just waiting for a clearer direction. Some are watching the price, while others are already watching "what will happen next."