Evening Crypto Brief — Gravity Check, Structure Intact

Derivatives lean bullish into year-end, ETFs gulp liquidity, and supply keeps thinning while retail still yawns.

TL;DR (What Matters Tonight)

• Derivs lean up: Options/term structure support paths to $140K–$150K despite intraday shakeouts.

• Flows > FOMO: ETFs/stablecoins keep absorbing supply while retail is still sleepy.

• Tight float: Exchange balances near lows; DATs and treasuries growing; ETH float especially constrained (>10% held by treasuries/ETFs).

• Key battlegroun…