Sentiment collapsed from 87% to 45% on our Bitcoin Fear & Greed Index in a single week. ETF outflows hit the 7th percentile. Options traders are paying up for downside protection across all tenors. And crypto equities, from Coinbase (-10%) to MicroStrategy (-9%) to the entire mining complex, were hit hard while traditional markets barely moved.

The inflation trade is back. The question now is whether Bitcoin's key support levels at $78,515 and $76,922 hold, and what the options market, funding rates, and stablecoin data are signaling about what comes next.

This week's full Kickoff covers BTC and ETH positioning across futures, options, and on-chain flows; the macro backdrop driving the move; crypto equity performance; and the critical levels and catalysts to watch in the week ahead.

 Bitcoin skew - pricing in some immediate downside pressure

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