Just by looking at the movements in Asia this morning, Bitcoin is holding steady around $73,980, which indicates more of a consolidation than real selling pressure. Nothing dramatic, just repositioning. Ether also shows strength at $2,320, up in recent weeks despite futures positions cooling off a bit.

What struck me is that spot ETF flows are turning positive again in Asia and elsewhere. This suggests that institutional investors are redeploying capital, but with some caution. Options markets also show a contraction in open interest, which feels more like rotation than a true risk withdrawal.

The macroeconomic context remains mixed — central banks continue their gold purchases (which increased by 65% last year), and geopolitical risks linger. In Asia, the Nikkei index fell by 0.45%, while the Australian ASX advanced. In short, we are in a digestion phase rather than distribution. Keep an eye on the coming days.