~Macro Forces •Bitcoin remains elevated above ~US$86 k, signaling backdrop of risk-on but with caution creeping in. •Behind the scenes: the mining map is shifting. China — officially banned — is quietly reasserting itself, now accounting for ~14 % of global hashrate. •On the flipside, institutional flows are tapering — reports show major asset managers offloaded ~$5 billion of crypto exposure last quarter. Implication: The macro stage is dual-layered. One part sees crypto re-emerging as tail ...