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This is a segment from the Forward Guidance newsletter. To read full editions, <\/em>subscribe<\/em><\/a>.<\/em><\/p>\n Bitcoin sits more than 20% off the all-time high it hit last month. And yes, US bitcoin ETFs saw a record outflow day yesterday.\u00a0<\/p>\n There\u2019s been plenty of red elsewhere too, as Casey pointed out<\/a> in recent stock market coverage.<\/p>\n But that doesn\u2019t mean a rebound isn\u2019t coming, right? Though BTC had dropped further<\/a> Wednesday ($84,200 at 2 pm ET), the S&P 500 and Nasdaq Composite indexes were each basically flat.\u00a0<\/p>\n \u201cBull markets peak amid excessive leverage, retail euphoria and falling BTC \u201cLiquidations reset overleveraged positions, creating healthier uptrends as traders The memecoin token frenzy (i.e. $TRUMP<\/a>) suggests mid-cycle speculation, aligning with 2020-2021 patterns, Mena noted. Blockworks\u2019 Katherine Ross wrote<\/a> this morning that recent token launches have indeed \u201ccontributed to the larger exhaustion.\u201d<\/p>\n Bitwise research head Ryan Rasmussen countered with this:<\/p>\n The M2 money supply has been growing since mid-January and quantitative tightening<\/a> could soon reach \u201ca natural end,\u201d Mena wrote in his report.<\/p>\n One more thing the 21Shares exec points out: The Pi Cycle Top Indicator \u2014 tracking bitcoin\u2019s 111-day simple moving average against a 2x multiple of the 350-day SMA \u2014 hasn\u2019t yet signaled a market peak.<\/p>\n LMAX Group\u2019s Joel Kruger called out traditional markets, where risk appetite has cooled off given global trade tension and a more hawkish outlook from the Fed. There\u2019s \u201cformidable support\u201d for BTC in the $70,000-$75,000 zone. That, Kruger believes, \u201cshould serve as an attractive higher low ahead of the next major upside extension and bullish continuation to a fresh record high beyond $110,000.\u201d<\/p>\n Beyond price, YouHodler markets chief Ruslan Lienkha spoke to how last week\u2019s Bybit hack<\/a> could affect institutional confidence in centralized exchanges.\u00a0\u00a0<\/p>\n It won\u2019t have a major impact, he thinks, as security breaches more significantly affect retail traders who rely heavily on CEXs for trading and asset storage.<\/p>\n \u201cInstitutions typically adhere to strict treasury management rules and allocate only the necessary liquidity to CEXs for routine transactions,\u201d he said in an email. \u201cLarge-scale institutional trades are often conducted through OTC markets, while long-term holdings are kept in secure, self-custodied solutions.\u201d<\/p>\n And in case you missed it, the SEC closed<\/a> its multi-year investigation into Uniswap Labs. It won\u2019t pursue any enforcement action, the company said<\/a>.<\/p>\n That follows the securities regulator telling Coinbase last week it would drop its case<\/a> against the crypto exchange (still to be finalized)<\/a>. Robinhood<\/a> and OpenSea also revealed this week the SEC was ending probes into the companies.<\/p>\n So not all things are on the up and up. But there are places to hang your hat.<\/p>\n We\u2019ll see what we\u2019re saying after today\u2019s Nvidia earnings, tomorrow\u2019s initial jobless claims and the Friday PCE data drop.<\/p>\n Get the news in your inbox. Explore Blockworks newsletters:<\/strong><\/p>\n This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. Bitcoin sits more than 20% off the all-time high it hit last month. And yes, US bitcoin ETFs saw a record outflow day yesterday.\u00a0 There\u2019s been plenty of red elsewhere too, as Casey pointed out in recent stock market coverage. But […]<\/p>\n","protected":false},"author":2,"featured_media":375899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-375882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=375882"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375882\/revisions"}],"predecessor-version":[{"id":375901,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375882\/revisions\/375901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/375899"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=375882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=375882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=375882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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dominance \u2014 not compressed funding rates,\u201d 21Shares crypto research strategist Matt Mena said in a report.\u00a0<\/p>\n
re-enter post-shakeout,\u201d he added.<\/p>\n
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<\/strong>\u201cWe believe correlations between bitcoin and traditional risk assets can be misleading, with bitcoin easily capable of generating sizable demand as an attractive portfolio diversification asset given properties that align more with that of a store of value,\u201d he argued.\u00a0<\/p>\n
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