Unemployment at 4.4% → the economy is slowing but not breaking. This reduces the risk of aggressive Fed tightening and supports risk assets in the future, but does not deliver immediate liquidity.

# $BTC (now):

Around $400M in ETF outflows institutional flows are capping price action. $90K is the key level: the market is stuck, upside is limited by flows.

Link (alpha):

Macro = potential bullish backdrop ahead.

ETF flows = short-term downside anchor.

Trigger:

Weekly close above $BTC 90K + ETF outflows stabilize → upside.

Continued outflows range or below

$90K.Bottom line:

For now, alpha is driven by flows, not macro. Macro supports growth later.