📊 bitcoin:native has recovered above $80K as #ETF inflows, spot demand, and positioning improve. However, weaker capital inflows and heavy overhead supply near $86K keep conviction below prior bull phases. Executive Summary, US spot #ETF inflows have turned firmly positive as bitcoin:native recovered from mid-$60Ks to low-$80Ks, Shallow drawdown: Relative Unrealized Loss peaked at 25% in February, now compressed to 8%. bear regime stays shallow if $60K holds, Realized Cap 30D Net Position #Change back to $2.8B/month, but well below the $10B+ seen in prior bull expansions, Support at $76.9K (30-day cost basis), resistance at $86.9K (Nov-Feb accumulation range), #Coinbase Spot Volume Delta flipped sharply positive over the last two weeks, #Hyperliquid traders steadily adding long exposure alongside rising prices, Implied volatility falling across the curve, led by the front end, as realized vol trends lower, Downside hedging demand fading, options structure more balanced around $80K #etf