In today’s newsletter, Josh Olszewicz from Canary Capital introduces Sui blockchain and discusses its potential impact on Web3 adoption and optimization for consumer applications.

Special alert: Are you going to Consensus Miami? Don’t miss the closed-door, Wealth Management Day on May 6. There is a special side event, dedicated to advisors. Attendance is complimentary for credentialed advisors. A CRD number is required to apply.

Happy reading.

Breaking down SUI$0.9071

The Sui (pronounced “swee” like sweet) network is emerging as one of the more differentiated Layer-1 blockchains in the current market cycle, combining novel architecture with a design philosophy aimed squarely at consumer-scale applications. A Layer-1 blockchain is the base layer of a network, where transactions are recorded, validated and finalized. While often grouped alongside other high-throughput chains, Sui takes a distinct approach to execution, data ownership and tokenomics, differences that may prove meaningful for long-term adoption and investor positioning.

Launched in 2023 by Mysten Labs, Sui is a delegated proof-of-stake (DPoS) Layer-1 blockchain built using the Move programming language. Its core innovation lies in an object-based data model that enables parallel transaction execution, allowing the network to process transactions simultaneously rather than sequentially. This architecture is designed to deliver high throughput and low latency, improved scalability without reliance on rollups (transaction batching) and native support for complex, asset-centric applications.

Unlike traditional blockchains, where every transaction competes for global consensus, Sui distinguishes between owned objects, which can be processed independently, and shared objects, which require consensus. This selective execution model reduces bottlenecks and enhances efficiency at scale.

Sui’s design is optimized for consumer-facing Web3 use cases, including gaming, digital identity and social applications. By minimizing execution friction and improving user experience through features like zero-knowledge (zk)-based logins and passkeys, the network aims to bridge the gap between Web2 usability and Web3 ownership. The broader implication is straightforward: if Web3 adoption is ultimately driven by applications rather than speculation, architectures like Sui’s may be structurally advantaged.

Beyond its base layer, Sui expands into a broader infrastructure stack. It includes an execution layer for smart contracts and asset logic, decentralized storage via Walrus for verifiable data, programmable encryption through Seal for access control and confidential compute with Nautilus to support hybrid on- and off-chain applications. Together, these components form a full-stack Web3 environment within the Sui ecosystem, reducing reliance on centralized infrastructure providers.

On the consensus side, Sui uses a dual-layer architecture. Narwhal handles data availability, while Bullshark provides transaction ordering and finality. This design enables the network to maintain high throughput without compromising security.

The total SUI token supply has a fixed maximum cap of 10 billion tokens, with no ongoing inflation beyond that cap. Key features include gradual token release through long-term vesting schedules, staking rewards distributed from pre-allocated supply rather than new issuance and an intentionally limited early circulating supply to reduce sell pressure.

Sui has shown steady growth across several key metrics. Transactional activity has remained consistent and active addresses have increased. Total Value Locked (TVL), or how much notional value is inside of the ecosystem, has expanded alongside the growth of decentralized finance (DeFi) protocols and stablecoin integrations. TVL peaked in October 2025 at around $2 billion and has since declined to $600 million, reflecting the broader pullback in assets across the sector.

Ecosystem growth has been driven by the expansion of DeFi platforms, the integration of major stablecoins to improve liquidity and usability and incentive programs paired with emerging consumer applications that increase engagement. Examples include Scallop, a DeFi hub focused on stablecoin lending and yield generation; Run Legends by Talofa Games, a move-to-earn fitness RPG where users walk and run in real life to battle and earn rewards; and FanTV, a TikTok-style social media platform.

One way to assess Sui, and crypto networks more broadly, is through a “network P/S ratio” (market cap divided by fees). This metric reflects investor expectations for future growth and the relationship between current usage and valuation. However, unlike traditional equities, fees are volatile, only accrue to validators and token holders who stake their SUI and are highly sensitive to incentives and subsidies. As a result, valuation should be contextualized alongside user adoption, transaction trends and ecosystem expansion.

Sui is also beginning to intersect with traditional financial infrastructure. The launch of SUI-linked investment products, including exchange-traded vehicles with staking exposure, signals growing institutional interest. This trend mirrors broader crypto market evolution, where access, yield and regulatory wrappers have unlocked pathways for sophisticated institutional access and capital deployment.

Sui represents a distinct approach within the Layer-1 landscape, combining parallelized execution and object-based architecture, a non-inflationary, vesting-driven token model and a growing ecosystem of consumer and DeFi applications.

For investors, the key question is not simply whether Sui can compete on throughput, but whether its design translates into sustained user adoption and economic activity. If it does, the network’s architecture and token structure could position it as a meaningful component in the construction of the next phase of Web3 growth.

Generations of the Internet

Web1: Information online | Web2: Platforms and social interaction | Web3: Ownership, composability, and programmable value

For more additional learning and a unique networking opportunity, Canary Capital is partnering with 3iQ, Digital Ascension Group, and Bitnomial, for an exclusive event on May 4 in Miami. Learn more.

– Josh Olszewicz, portfolio manager, Canary Capital

Keep Reading

• Ondo price hovers around $0.26 after bouncing off crucial support.
• Ondo leads tokenized stocks, ETFs with over $825M TVL peak.
• Failure to hold support could see ONDO dip to $0.20.

Ondo (ONDO) is trading near a critical psychological support zone, with intraday action including a retest of resistance above $0.26.

The token is poised at these levels as on‑chain activity around tokenized stocks and exchange-traded funds (ETFs) attracts institutional and retail capital.

However, with prices pegged in a narrow range below $0.30 since early February, could the broader real‑world asset (RWA) sector growth buoy ONDO?

Ondo Finance powers access to tokenized stocks and ETFs

Ondo Finance has emerged as one of the largest platforms for tokenized stocks and ETFs.

Currently, it accounts for over half of the sector’s total market by value, with RWA‑focused analytics trackers showing the protocol hitting over $825 million in total value locked (TVL) at peak.

The traction cuts across more than 250 tokenized US stocks and ETFs, including blue‑chip names such as NVDA, AAPL, and major ETFs like SPY and QQQ.

These assets are now available across Solana, Ethereum, and BNB Chain, giving holders cross‑chain exposure and liquidity via major wallets, exchanges, custodians, and protocols such as Binance, Bitget, MetaMask, Ledger, and Blockchain.com.

In a bid to deepen maturity, Ondo recently announced a collaboration with Broadridge.

The aim is to enable holders of over 250 tokenized stocks and ETFs to participate in proxy voting and receive regulatory filings and issuer communications related to these securities.

Separately, more than 260 Ondo‑backed tokenized products are now listed on the KuCoin Web3 Wallet, signaling growing integration into mainstream crypto infrastructure.

Despite this momentum, ONDO’s price has remained subdued, raising questions about the lag between protocol‑level growth and token‑price performance.

ONDO price technical analysis: can bulls reclaim $0.30?

From a technical standpoint, ONDO is currently navigating a short‑term bearish backdrop as the price consolidates near $0.26.

The daily chart shows the relative strength index (RSI) in a neutral zone, suggesting neither extreme overbought nor oversold conditions, while the MACD signal line remains negative, underscoring underlying bearish momentum.

Key support clusters lie around $0.24-$0.26, a decisive zone for both bulls and bears.

If price breaks lower, it could open the path toward $0.20, whereas a sustained hold above $0.26 may invite a retest of the recent range high near $0.27–$0.28.

The key target for bulls will be a fresh run to $0.30, a level last seen in mid-February.

On the weekly timeframe, RSI is drifting toward oversold territory, and price is trading below key exponential moving averages (EMAs).

This hints at exhaustion but also suggests bulls need a clear breakout above resistance to shift the overall bias.

TLDR

• Anchorage Digital has partnered with M0 to strengthen its regulated stablecoin issuance platform.
• The collaboration allows institutions to launch compliant stablecoins in the United States market.
• M0 provides modular technology that supports customizable stablecoin creation and management.
• Anchorage Digital aims to expand its infrastructure while maintaining regulatory and security standards.
• M0 integrates with platforms like Stripe, MoonPay, and MetaMask to extend its ecosystem reach.

Anchorage expands its stablecoin infrastructure strategy through a new partnership with M0, targeting regulated issuance services. The agreement positions the crypto bank to support institutions seeking compliant digital currency solutions. The move aligns with growing demand for regulated stablecoins in the United States market.

Anchorage Digital expands regulated stablecoin infrastructure with M0

Anchorage Digital has selected M0 as its core technology partner for stablecoin issuance. The integration allows Anchorage to strengthen its platform for institutions seeking regulated digital asset solutions.

The company confirmed that the partnership will expand its issuance capabilities for U.S.-regulated stablecoins. It also enables broader access for firms planning to launch compliant digital currencies.

Anchorage stated that the system upgrade supports operational and security standards required by institutional clients. The firm continues to position itself as a regulated gateway for digital asset services.

Nathan McCauley, Anchorage CEO, said the firm aims to scale its issuance platform through this partnership. He added that the collaboration maintains regulatory and operational reliability for partners.

The company operates as the first federally chartered crypto bank in the United States. It continues to build services focused on institutional digital asset management.

M0 protocol supports flexible stablecoin issuance for institutions

M0 provides modular infrastructure that allows institutions to mint customizable stablecoins. The protocol supports integration with financial platforms and crypto services.

M0 works with platforms such as Stripe, MoonPay, and MetaMask. These integrations expand its reach across payments and blockchain ecosystems.

Luca Prosperi, M0 CEO, stated that the firm has developed modular infrastructure for three years. He said the platform supports entities launching and managing their own stablecoins.

Prosperi explained that the protocol serves crypto projects, fintech firms, and exchanges. He added that the Anchorage partnership reflects deeper regulatory alignment.

The platform enables institutions to configure stablecoins based on compliance and operational requirements. It also supports scalable deployment across global markets.

Regulatory framework drives collaboration between Anchorage Digital and M0

The partnership follows regulatory developments under the GENIUS Act in the United States. The law introduces clearer rules for stablecoin issuance and oversight.

Anchorage aims to align its services with these regulatory standards through its technology stack. The firm continues to expand its compliance-focused offerings.

M0 has already partnered with regulated entities using its smart contract infrastructure. However, Prosperi described the Anchorage collaboration as more integrated.

He stated that the relationship includes deeper coordination on compliance and operational processes. This structure supports institutions entering regulated stablecoin markets.

Anchorage confirmed that the expanded platform will support firms seeking U.S.-regulated digital currencies. The company continues to develop infrastructure aligned with federal requirements.

South Korean prosecutors are seeking a 20-year prison term for Delio’s chief executive, Jeong Sang-ho, in a case prosecutors describe as a large-scale breach that harmed thousands of investors. Closing arguments at the Seoul Southern District Court framed the allegations as deliberate deception and false promotion tied to the crypto deposit platform’s operations, as reported by Yonhap.

The prosecutors emphasized the alleged misconduct, saying that the defendant’s actions created broad and lasting damage to investors while he allegedly avoided accountability and maintained an uncooperative stance. Delio suspended withdrawals on June 14, 2023, freezing customer assets valued at 250 billion won (about $169 million), and the company was declared bankrupt in November 2024. Jeong was later indicted in April 2025 on charges of embezzling roughly $169 million in crypto assets from victims over a two-year period.

Key takeaways

• Prosecution seeks a 20-year term for Delio CEO Jeong Sang-ho under South Korea’s Act on Aggravated Punishment of Specific Economic Crimes, reflecting the scale and alleged deception in the case.
• Massive investor impact prosecutors describe the scheme as affecting nearly 2,800 victims, with funds locked when withdrawals were halted in June 2023.
• Criminal charges detail embezzlement Jeong faces allegations of diverting about $169 million in crypto assets from victims between August 2021 and June 2023.
• Regulatory tightening in Korea the case unfolds as Seoul strengthens oversight of crypto exchanges, levying AML-related penalties on firms such as Coinone and Bithumb in recent months.
• Enforcement and investor protection the Delio proceedings highlight ongoing regulatory focus on licensing, AML/KYC compliance, and enforcement risk for platform operators in Korea.

Prosecution case and charges

During closing arguments, prosecutors urged the court to impose a two-decade sentence on Jeong Sang-ho, invoking the Act on Aggravated Punishment of Specific Economic Crimes to address what they termed deliberate deception and false promotion. They asserted that the alleged scheme inflicted harm on thousands of investors and that the defendant showed little willingness to accept responsibility or cooperate with investigators. The court is weighing the facts as it prepares to render a first-instance verdict on July 16.

According to Yonhap, the prosecutors highlighted the scale of the damage, describing it as “massive” and note that the defendant’s alleged actions exposed a large number of victims to financial harm. The case centers on claims that Delio offered high returns on deposits of cryptocurrencies and then abruptly suspended withdrawals, effectively freezing investor funds.

In the charging timeline, Jeong was indicted in April 2025 on accusations of embezzling about $169 million in crypto assets from customers over roughly two years, spanning August 2021 to June 2023. The prosecutors’ framing during closing arguments underscores the court’s consideration of both the alleged deception and the financial magnitude of the losses when determining an appropriate penalty.

Delio’s collapse and investor impact

Delio operated a deposit service promising elevated yields on cryptocurrencies deposited for fixed terms. The platform’s June 2023 withdrawal suspension marked a turning point, with 250 billion won ($169 million) in customer assets effectively locked. A Seoul court subsequently declared Delio bankrupt in November 2024, signaling a full collapse of the platform and a difficult path for creditors and investors seeking recovery.

Jeong’s defense acknowledged the harm caused to investors. An attorney for Jeong stated that the defense “is aware of the victims’ suffering and feels a deep sense of responsibility,” and that the defendant would explore avenues to compensate victims if acquitted. The legal process remains ongoing, with the first-instance verdict scheduled for mid-July.

Regulatory crackdown and industry implications in South Korea

The Delio case coincides with a broader, intensifying regulatory crackdown on crypto exchanges in South Korea. Earlier this month, Coinone—the country’s third-largest exchange—faced penalties and a partial business suspension over Anti-Money Laundering failures. In March, Bithumb incurred a $24.5 million fine accompanied by a six-month partial suspension for similar AML shortcomings. The drive for stricter compliance follows a series of high-profile missteps, including instances of operational risk and recent enforcement actions aimed at strengthening customer protections and regulatory oversight.

The intensified enforcement environment underscores the ongoing push to align crypto-asset platforms with robust AML/KYC frameworks and licensing obligations. In a broader policy context, the Korean regime is part of a global movement toward stricter industry standards on exchange conduct, asset handling, and investor safeguards, with regulatory reforms paralleling initiatives in other jurisdictions and ongoing discussions around cross-border compliance and supervision.

Past incidents—such as the episode where Bithumb reportedly transferred a large quantity of Bitcoin by mistake—have amplified public and regulatory scrutiny over exchange governance, risk controls, and customer asset protections. Korea’s actions reflect an emphasis on narrowing compliance gaps and ensuring transparent, verifiable processes across crypto service providers, a stance that is likely to shape licensing regimes and enforcement priorities in the near term.

From a policy perspective, the Delio case reinforces the importance of clear disclosure, accountable leadership, and proven liquidity management for platform operators. Regulatory observers will be watching how the court’s ruling aligns with ongoing AML/KYC enhancements and with any future licensing updates that affect exchange operations, stablecoins, and cross-border activity within the Korean market.

Closing perspective

The ongoing proceedings against Delio’s leadership, set against a backdrop of intensified regulatory scrutiny, illustrate the resilience of investor protection frameworks in Korea’s crypto sector and the continued risk management focus for institutional participants. The coming verdict will signal how aggressively South Korea intends to pursue high-scale misconduct in crypto services and what this portends for exchanges, custodians, and other market infrastructure operators.

Circle’s euro-pegged stablecoin EURC is showing the strongest uptake in Spain for retail payments, according to Brighty’s platform data analyzed by Cointelegraph. In 2025 and through the first quarter of 2026, Spain accounted for about 36% of EURC transactions and 25% of EURC’s total on Brighty, signaling a distinctly retail-oriented pattern for euro-stablecoins on the continent.

“For Spanish users, EURC functions essentially as a standard euro on a card with no exchange rate friction when transacting against USDC,” Brighty co-founder Nick Denisenko told Cointelegraph. The comments underscore a broader trend: euro-stablecoins may see meaningful adoption in Europe’s consumer payments as MiCA-era rails and local banking partnerships mature.

The Brighty data offer an early glimpse into how euro-denominated tokens could fit into everyday European commerce, even as euro-stablecoins remain smaller than their US dollar counterparts in overall market share.

Key takeaways

• Spain is the leading market for EURC on Brighty, generating roughly 36% of EURC transactions and 25% of EURC’s volume in 2025 and the first quarter of 2026.
• Retail-style spending dominates Spain’s EURC activity, with an average payment size around 49 euros and notable engagement with yield features.
• In Europe, Italy accounts for about 15.5% of EURC transactions and 18% of volume, while Germany handles roughly 13% of transactions and 19% of volume, with average payments near 105 euros. France shows higher average transactions around 171 euros, suggesting larger-value usage in that market.
• CoinGecko data place EURC as the leading euro-pegged stablecoin by market share, accounting for about 49% of the euro-stablecoin market cap (roughly $887 million) across the sector.
• The Spanish pattern—early adoption, retail-oriented usage, and integration with bank familiarity—fits into a broader European push toward MiCA-aligned euro stablecoins and institutional-grade rails.

Spain’s retail EURC footprint solidifies

Brighty’s breakdown shows Spain as the clearest example of a retail-first EURC footprint within Europe. The relatively modest average payment size—roughly 49 euros—and the platform’s observation of widespread small-value use point to EURC functioning as a practical euro substitute for everyday purchases and peer-to-peer transfers.

Denisenko noted that Spanish users have also been active with stablecoin-based yield features on Brighty, reinforcing that euro-token activity there extends beyond simple payments toward broader financial utilities within crypto-enabled wallets and services.

Country profiles illuminate diverse euro-stablecoin patterns

Italy ranks second in EURC activity on Brighty, representing about 15.5% of transactions and 18% of volume. Germany sits close behind with roughly 13% of transactions and 19% of volume, where the average payment is around 105 euros. France, by contrast, shows a markedly different usage profile, with an average EURC transaction of about 171 euros, more than three times Spain’s level, suggesting greater involvement in larger transfers rather than daily retail spend.

These patterns point to divergent adoption curves across major European markets. While Spain emphasizes everyday, small-value payments, France’s higher average ticket hints at usage tied to more substantial transfers or business-related activity. Italy and Germany straddle the line, reflecting a mix of retail and higher-value usage that aligns with broader consumer and business adoption trends in those economies.

Why Spain stands out in the MiCA era

According to Denisenko, the Spanish market’s distinctive retail focus aligns with a wider European narrative: crypto familiarity and institutional readiness appear to be higher in Spain relative to some peers. “When we engage with counterparts at major Spanish banks, we consistently observe a remarkably high degree of competence even among frontline staff — which is not something one takes for granted elsewhere,” he said. This environment, he suggested, may help explain why EURC has found traction in everyday spending in Spain and why it’s drawing attention as a potential pattern for other European economies under MiCA regulation.

Related coverage in Cointelegraph has noted that European banks are actively pursuing MiCA-compliant euro-stablecoin rails, underscoring the regulatory and infrastructural context in which EURC operates. In particular, industry participants have highlighted efforts by institutions to integrate euro-stablecoins into existing payment rails, settlement workflows, and wallet ecosystems as Europe positions itself for broader stablecoin adoption.

The Spanish momentum also echoes a broader market signal: euro-stablecoins could play a meaningful role in European retail, provided there is robust interoperability with banks, card networks, and consumer wallets under the MiCA framework. The data from Brighty suggest that where retail adoption is strongest, euro tokens can become a practical fiat proxy, reducing friction in cross-border or cross-currency spending when paired with widely used stablecoins like USDC or other euro-denominated equivalents.

For Circle and EURC, the Spain-driven retail pattern offers a concrete case study of how euro-stablecoins might scale in Europe’s consumer economy. It also raises questions about how other markets will respond as MiCA’s regulatory provisions come into sharper effect and as banks continue to explore compliant, euro-focused stablecoin solutions.

As European markets digest these developments, observers will be watching how retail merchants, banks, and wallet providers harmonize EURC usage with consumer protections, fee structures, and merchant acceptance. The next set of Brighty data, alongside MiCA implementation milestones, could shed further light on whether Spain’s early adoption translates into a broader continental shift toward euro-stablecoins in everyday finance.

For readers seeking a broader regulatory backdrop, recent coverage highlighted ongoing moves by European banks toward MiCA-compliant euro stablecoins, illustrating the sector-wide effort to standardize euro token usage across payments, settlements, and value transfers.

Watch next for Brighty’s continued quarterly findings and for regulatory updates that could either accelerate or reframe euro-stablecoin adoption across Europe as institutions test, adopt, and scale euro-denominated digital currencies in real-world commerce.

U.S. Secretary of Commerce Howard Lutnick, the former CEO of Cantor Fitzgerald that handles Tether’s finances in the U.S., has been questioned by Senate Democrats on reports that a trust tied to his children received a loan from Tether meant to help finance Lutnick’s divestiture of his company stake that went to his children.

Senators Elizabeth Warren, who is the ranking Democrat on the Senate Banking Committee, and Ron Wyden, who is the top Democrat on the Finance Committee, asked the leading global issuer of stablecoins whether it helped finance Lutnick’s multi-billion-dollar transfer of the financial-services company through trusts tied to his adult children when Lutnick complied with government ethics requirements after taking the Cabinet position.

“If reports of this loan are accurate, it would raise serious questions about the relationship between Secretary Lutnick and Tether, and the influence of Tether on Mr. Lutnick’s policy decisions,” the lawmakers wrote in both letters, which responded to reporting about the loans of unspecified amounts that first appeared in Bloomberg News.

Congress, with help from the administration of President Donald Trump, helped usher in a new law last year to govern stablecoin issuers, including Tether. CEO Ardoino was a front-row guest at a White House signing of that law, known as the GENIUS Act. Lutnick was also present for the celebration and has been a member of the President’s Working Group on Digital Assets that’s outlined and driven U.S. crypto policy.

“It is critical that you make decisions because they are in the best interest of the American public, not in the financial interest of your family or Tether,” the senators wrote to Lutnick.

Representatives for the Department of Commerce and Tether didn’t immediately respond to requests for comment on the letters.

Lutnick’s Cantor is now under the watch of sons Brandon Lutnick, chairman & CEO, and Kyle Lutnick, executive vice chairman.

Tether, with a headquarters in El Salvador, has been pursuing a U.S. strategy, with the launch of its USAT stablecoin and a U.S. arm of the company that’s led by Bo Hines, a former crypto adviser for Trump.

Cantor is so far the biggest donor to the Fellowship PAC, a relatively new political action committee that’s so far spent a few million dollars supporting Republicans in various Senate, House and governor races. The expenditures from Fellowship, which is led by a Tether U.S. executive, have been through a media firm whose co-founders include Hines and his father.

Bitcoin is pinned near $76,000 below $79,000 resistance as ETF outflows, Fed infighting, and record shorts sap risk appetite and keep volatility unnaturally muted.

Bitcoin (BTC) hovered around $76,000 on Thursday, struggling to break above a resistance band between $78,000 and $79,000 even after the Federal Reserve left interest rates unchanged, keeping markets fixated on internal policy fractures and macro uncertainty. According to an analysis by The Block, on-chain and flow data point to a market that has stabilized on the downside but lacks the conviction to force a clean breakout above the current range.

Kraken chief economist Thomas Perfumo said the market is now “more concerned about the policy uncertainties brought about by the ‘division’ within the Federal Reserve rather than the inaction itself,” especially with Jerome Powell still in place while Kevin Warsh is widely expected to take over, leaving “no clear policy transition.” He added that this leadership overhang compounds the impact of a Fed that has rarely shown such severe internal splits, a dynamic traders read as greater uncertainty over the inflation path.

Glassnode data cited in the report show Bitcoin remains “trapped” below its True Market Mean, with resistance clustered in the $78,000–$79,000 zone and a layered support base between $65,000 and $70,000. Selling pressure has eased considerably at these lower levels, but spot demand has not expanded enough to sustain a decisive move higher, leaving price pinned between patient buyers and hesitant new capital.

On the macro side, institutions including Bitget Wallet and 21Shares argue that expectations of “maintaining high interest rates for a longer term” are suppressing risk assets broadly, pushing crypto into a wait-and-see phase instead of the trending conditions that typically accompany aggressive Fed easing. This comes as U.S. spot Bitcoin ETFs register net outflows for three consecutive sessions, with roughly $138 million leaving on April 29 alone; Ethereum ETFs, meanwhile, saw about $87.7 million in outflows over the same period.

While certain individual funds still attract inflows, the aggregate pattern signals cooling institutional demand at the margin. At the same time, CME positioning and ETF assets under management have stabilized rather than rebounded, suggesting that sidelined capital has yet to commit back into size.

In derivatives, short positions in Bitcoin perpetual contracts have climbed to historical highs, creating the technical conditions for a potential short squeeze if sentiment or macro signals suddenly improve. For now, though, the market is marked by low volatility and low confidence, with continuous ETF outflows, a split Fed, and elevated policy risk collectively capping Bitcoin’s attempts to clear the $78,000–$79,000 ceiling.