Passe — pas de trade

The gate fired on a 5m close through the developing POC ($78,250.5), but a 5m close is never a valid trigger on this book — the most recent CLOSED 15m candle (00:45 UTC, C $78,124.0) closed below the dPOC/VWAP/D-Open cluster, so no 15-minute close through or rejection at a tradeable level has printed. Price is also sitting mid-range between dVAL $78,108 and dHigh $78,446 with VWAP $78,234, D-Open $78,265 and dPOC $78,250 all bunched within $30 — a fair-value no-trade zone with tiny overnight volume (13.9 BTC on the current 15m) and conflicting flow (4h CVD confirming_down vs 5m delta +7.3 BTC, CCV long_bias vs a down daily close). No trigger, poor reaction quality, no clean location: pass.