Passed — no trade

Only a short may be recorded on this book, and there is no clean short trigger. The most recent CLOSED 15m (02:45) rejected dVAH $85,811 / VWAP $85,767.9 — but price is now sitting mid-value right on the developing POC $85,610.5, which the 03:00 5m candle just wicked below and reclaimed (a bullish reaction, not a bearish one), so the location is a no-trade mid-range POC and the flow at the level contradicts the short. Delta 5m is flat (+15 BTC) with tiny volume — a poor reaction — and the 24h tape is +5.3% with a strong daily close up, so a short here is fading momentum into the developing POC/VAL support without corroboration.