10 Jun 2024

A squeezable market?

Leverage has climbed to yearly highs amid BTC's persistent ranging, increasing the risk of near-term long squeezes as we enter a week tightly packed with important macro events.
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More ranging, more open interest, and ETH struggles
BTC and ETH have been ranging over the last week, allowing leverage to accumulate. With a downward impulse to start the week, there is an increased risk of long squeezes stemming from exorbitant offshore leverage. ETH returns to its habit of underperforming BTC, with ETHBTC pushing towards 0.052. Nonetheless, we reiterate our bullish stance on ETH as we expect relative strength this summer stemming from ETFs.
Risk-off sentiment among institutional traders
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