Cointelegraph put the mechanics on the record. BTC price direction is decided by where liquidity is stacked in the order book and how futures flow leans into it. Not by whether Iran fired a missile. Not by whether an ETF pause was announced. Not by whether Saylor tweeted. Those are the reasons commentators give after the tape has already moved toward the resting orders. The Fundamentalist read is that operators who watch order-book depth and open-interest positioning have the honest signal, and everyone else is reading the smoke. Cross-reference the LTH-selling-at-loss print and the 50%-supply-in-loss on-chain metric. The tape is not moving on headlines. It is moving on where the marginal buy-and-sell orders are actually parked. Read the structure. Skip the noise. The cap is still twenty-one million.