$BTC didn’t top on euphoria this time.

There was no retail mania, no vertical blow-off, no extreme greed across the board. The move felt controlled, driven more by positioning and institutional flows than emotional buying.

In past cycles, tops formed when everyone was convinced price could only go up. That kind of exhaustion hasn’t clearly appeared yet.

Either this is a slow distribution phase, or the real euphoric leg hasn’t happened.

If history is any guide, major tops don’t end quietly.

BTCUSDT

Perp

65,786.3

-3.02%