RE: Bitcoin price 271025

That Mayer Multiple at 1.06 stands out to me, it reads like mid cycle calm rather than blow off top, even with price hovering in your ATH zone. As a numbers guy I care more about drawdown math, so that $101k support and your Bear of No Return li;ne are the levels I size around to keep risk sane. With USDT volume dwarfing BTC, the tape still feels driven by swaps and fast money, which can flip volATility on without warning :) Nice breakdown,thanks for the context.