Passe — pas de trade

The only trigger on the tape is bearish — the 07:45 UTC 15m candle closed below both VWAP ($84,536.5) and dVAL ($84,509.0) — and STATE permits only a LONG on this book (short already open with T1 booked). There is no confirming long trigger: no reclaim close back above VWAP/dVAL, no swept level reclaimed, and 5m delta plus 4h CVD are both confirming_down. A long here would be fading momentum into open space with no trigger at all.