Yesterday’s bounce looked cleaner than the prior move, but today is kind of showing why I still don’t think full confirmation was there yet.

What stood out to me yesterday wasn’t just price going higher. It was how the move happened underneath. BTC pushed up while OI barely increased, and the broader market recovered while total OI actually cooled slightly. Usually that’s healthier than a move driven by aggressive leverage chasing.

Stablecoin liquidity improved too, and BTC ETF flows flipped positive again, so internally it definitely looked better than the prior weakness. But the structure still never fully confirmed.

ETH/BTC stayed weak, BTC dominance stayed elevated, and TOTAL3 still hadn’t properly reclaimed stronger alt structure. And now with today already giving some of the move back, it kind of reinforces the difference between:

A cleaner recovery attempt and a fully confirmed broad risk-on environment.

To me it still feels like conditions are improving underneath, but participation hasn’t broadened enough yet to treat this like full expansion.