The discussion about the strategic reserve of Bitcoin in the United States is political noise that hides a quiet institutional accumulation. I’ve been observing the behavior of the flows since the quarter began, and to me the market is underestimating the fact that we no longer debate the existence of the asset, but rather its state custody structure. While bureaucrats define the how, the price continues to respect the larger support structure. I operate $BTC under the premise that any pullback toward $64,000 is a high-probability accumulation zone, given that open interest continues to consolidate without excessive leverage. Many get stuck on the government delay headline, but they omit that the ETFs are already absorbing the supply that the state is still hesitant to buy. Technically, if we manage to break the $68,500 resistance with volume above $2,500M per day, the path to $72,000 is cleared of major relevant obstacles. My thesis for the next 72 hours is technical accumulation; the setup is invalidated if we lose $62,800 with a decisive daily close. Key data: The balance of the wallets associated with institutions shows a net increase of 4.2% so far this month, while ETF volume keeps an average of $1,800M per day in net inflows over the last two weeks according to on-chain reports. $BTC $ETH $SOL .