This episode examines the six hundred sixty million dollar futures liquidation event that cleared bullish leverage while bitcoin futures open interest crossed seven hundred thousand BTC for the first time since November. We analyze bitcoin’s technical positioning at the one hundred week simple moving average, the mechanics of put premium on Deribit driven by call overwriting and downside hedging, and altcoin market conditions with RSI readings at thirty eight point four nine signaling oversold territory. The briefing covers the structural relationship between Strategy share price action and bitcoin’s technical levels, the mechanics of portfolio rebalancing flows driven by bitcoin’s twenty six percentage point underperformance versus the S and P five hundred in Q four, and the implications of subdued CME futures open interest and declining spot volumes as the market enters year end with minimal speculative leverage.