Bitcoin is leaning bearish on the four-hour, and honestly the flow data tells you why — major institutional vehicles are seeing meaningful outflows as demand simply has not shown up to absorb supply at current structure. What makes this session interesting is the macro angle: Bitcoin's correlation with the dollar-yen rate has swung to an extreme negative reading, which quietly dismantles the popular narrative that BTC is being driven purely by carry-trade dynamics — if that were the dominant force, the relationship should look very different. Regulatory noise is pulling in two directions simultaneously, with the UK signaling lighter-touch stablecoin rules that contrast sharply with European frameworks, and reports of firms actively reconsidering their European footprint as MiCA deadlines approach — capital and companies both follow the path of least friction, and that reshuffling matters for longer-term market structure. Breadth is thin: out of the majors tracked, more are printing bearish bias than bullish, and the overall tone is risk-off. Until buyers step up with conviction and outflow pressure flips, the burden of proof remains on the bulls.

🔴 BEARS IN CONTROL · EVENING PULSE
BTC bearish · ETH neutral · 1/5 majors bullish

$BTC $ETH #Altcoins
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