1. Executive Summary
Price: $103,500 (±1.3 %) – inside a 3-month, $101k-$110k bull-flag on 3-day closes.
Structure: upward-sloping channel since Dec-2023; base ≈ $88k, top ≈ $120k.
ETF flows: 8-day net outflow (-12k BTC, -$1.3 B) but reserve on exchanges collapsed (-400k BTC, -12 %) → supply shock in progress.
Seasonality: Q4-post-halving years → median…
