FLOW SUMMARYMarket sentiment for WULF is currently dominated by a BULLISH and speculative bias, as evidenced by a Put/Call Ratio of 0.43 for the August 7, 2026 expiry, indicating a clear preponderance of call options (15,145 calls versus 6,459 puts). This dynamic reflects a strong risk appetite and an anticipation of upside from market participants. Institutional flows via Dark Pools (FINRA ATS) show a moderate presence with 2,251,496 shares traded over the past week, signaling institutional interest without indicating massive accumulation or distribution. Combining these elements, the aggregated market flow bias is POSITIVE/SPECULATIVE, suggesting confidence in the asset's growth potential.### TECHNICAL AND VOLUMETRIC STRUCTURETeraWulf (WULF) is currently trading at $18.07, a slight intraday pullback of -2.32%, with a volume of 28.44 million shares, representing 82% of its monthly average, indicating moderate activity. Over the past three days, the asset experienced significant volatility: after closing at $18.83 on August 3 (+8.47% intraday with a high volume of 40.47M), the stock stabilized around $18.88 on August 4 (-0.37% intraday) before the current decline. The RSI(14) at 50.35 indicates NEUTRAL momentum. The price is trading below its SMA(20) at $18.96 but remains above its SMA(200) at $17.60, suggesting a potentially BULLISH underlying trend despite short-term weakness. The 5-day performance of +19.7% signals a movement initiated following the news, while the 20-day performance of -20.8% reveals recent structural underperformance. Key technical levels include resistance at $29.84 (6 months) and support at $11.74 (6 months), with intermediate levels at $28.84 (1 month) and $14.81 (1 month). The distance to the 6M resistance is +65.1%, offering significant residual upside potential.### SCENARIOS & MACROECONOMIC CATALYSTSOn the main horizon (medium term, 20-60 days):BULLISH Scenario (58% probability): WULF could capitalize on Bernstein's analysis, which anticipates 100% upside potential following earnings and the strategic pivot towards AI. In a BULL market regime for the S&P 500 and a low VIX (15.85), risk appetite remains intact. The growing demand for AI-related computing infrastructure, combined with a potential Bitcoin recovery, could support a significant revaluation of the asset. Options flows show positive speculative sentiment. Catalysts include the confirmation of datacenter expansion for Anthropic, an improvement in general cryptocurrency sentiment, and solid execution of TeraWulf's growth plans.NEUTRAL Scenario (17% probability): The asset could enter a consolidation phase after the initial post-Bernstein rally, digesting the strong +19.7% rise over 5 days. Persistent macroeconomic uncertainties, notably high geopolitical risk (85/100) and tensions in energy (80/100) and monetary policy (78/100), could hinder a strong directional movement. The market might await tangible proof of strategic execution and upcoming results before further commitment. Catalysts include a stabilization of volumes and price around the SMA20, without major micro or macro catalysts to trigger a new impulse.BEARISH Scenario (25% probability): A deterioration of the global macroeconomic context, a significant drop in Bitcoin's price, or doubts about TeraWulf's ability to execute its AI expansion strategy could lead to a pullback. Despite the broad market's BULL regime, WULF's 20-day and 3-month underperformance relative to SPY indicates relative weakness. A break below key support levels or an increase in geopolitical and energy risks could trigger more pronounced profit-taking. Catalysts include unfavorable regulation for Bitcoin miners, a failure to secure financing for expansion projects, or a degradation of AI growth prospects.### AEGIS VERDICTIn a BULL regime (SPY > MA50 > MA200), this BULLISH signal on WULF is based on Bernstein's analysis anticipating 100% potential and growing demand for AI. Macro risk remains MODERATE to HIGH (overall score of 61) with persistent geopolitical and energy tensions, but the R/R ratio of 2.66:1 is favorable. The signal triggers on a daily close above $18.96. The first target (TP1) is set at $24.00, while the final target (TP2) is $30.00. The stop-loss is positioned at $14.81. Recommended sizing: Reduced position (0.5x).