Bitcoin didn’t top on euphoria this time.

No retail mania.

No parabolic blow-off.

No screaming green candles into vertical exhaustion.

Instead, we’re seeing controlled expansion. Higher lows. Strong hands absorbing supply. Liquidity rotating, not evaporating.

That’s not how cycle tops behave.

That’s how mid-cycle structures build pressure.

When euphoria is missing, distribution is missing.

And when distribution is missing… the real move is usually still ahead.

Stay sharp. The market isn’t done yet.