Net CEX flow for alts shows a cumulative buy-vs-sell deficit of about –$36B. In previous cycles, a slide toward –$50B often signaled the start of a quiet “buy and hibernate” window as fresh liquidity crept back. The real danger zone appears when the gauge climbs above zero, a level that has historically aligned with late-cycle distribution. Flow usually speaks before price, let's keep listening.#PowellRemarks