Welcome back to The Deep Dive — today’s episode unpacks the market’s fragile optimism: short-lived rallies driven by technical squeezes set against a heavy macro backdrop that’s keeping momentum capped.

We break down the forces at play — a structurally strong US dollar, cautious institutional de-risking (notably large ETH moves and MNAV signals), sharp legacy-coin pumps that look like manipulative liquidity squeezes, and the critical Bitcoin level near $96K that could spell a tactical reversal.

Bottom line: long-term capital is rotating into altcoins and ETH, but short-term technical risks and toxic order flow make the current market highly precarious for traders and investors.