from Bitcoin into larger caps only after order books thicken and funding calms.

For desks that watch sentiment, the index near 25 says fear dominates, yet not at the extreme levels seen earlier, which can allow short-lived rebounds on quiet days.

But a durable turn requires evidence that arrives together rather than piecemeal, including deeper books through the U.S. close, steadier funding and basis across multiple sessions, a visible run of ETF creations, and a rise in net stablecoin supply that survives beyond a single headline cycle.

If those pieces align, the case for a December lift improves, and the seasonal story becomes a tailwind rather than a distraction, while in their absence, the market remains one adverse policy remark or liquidity wobble away from another test of support.