Summary

• U.S. equities hit all-time highs on AI and U.S.-China optimism, but BTC stays pinned near $80,000.
• CPI at 3.8%, PPI at 6.0%, and an untested new Fed Chair mean limited risk capital is reaching crypto.
• Spot BTC ETFs broke a six-week inflow streak: $635 million out on May 13, $1.26 billion over five days.
• JPMorgan boosted IBIT 174% in Q1, and the first U.S. Hyperliquid ETF launched on Nasdaq.
• Perpetual positioning at record net-short. Squeeze fuel building, catalyst still missing.

U.S. equities are partying at all-time highs, but BTC can't break out of the $80,000 range, sitting 35-40% below last October's peak. This week: $635 million pulled from spot ETFs in a single day, $500 million in longs liquidated at the 200-day MA, and

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