Whales are clearly accumulating while retail still hesitates.

Fear & Greed sitting around neutral tells me there’s no euphoria and no panic either.

That combination usually isn’t distribution.
It’s positioning.

I’ve seen this setup play out the same way before: price holds, sentiment resets, and most people only get confident after the move is underway.

These phases always feel boring, uncertain, and uncomfortable.
That’s usually the point.

Not saying it’s straight up from here but this doesn’t look like a market that’s done.