Altitude sickness can wait
BTC has staged an unprecedented momentum shift, reclaiming its 50d, 100d, 200d and 200w moving averages in just four days after a record short squeeze and a rotation toward scarce assets, echoing the early stages of past cyclical bull markets.
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Bitcoin has gained 23% over the past week, its strongest 1-week return since the post-election rally in November 2024. This time, however, the move has been driven by forced deleveraging, with BTC seeing its largest short squeeze ever after months of weakening momentum and activity at a 50% drawdown. K33 views January and October 2023 as the closest analogues and continues to favor a full allocation. Market activity has also returned sharply, with BTC ETF inflows at their strongest since October 2025, spot and perp volumes up 188%, CME
