CME bullish, while offshore sentiment reigns cautious
Did we bottom? German selling concluding, the failed Donald Trump assassination and imminent ETH ETFs all set the stage for the sudden turnaround in momentum.
Preview
Bitcoin recovers and ETH gets the nod
Bitcoin rallied back into its March-June range with the German wallet emptied, Trump surviving an assassination attempt, and ETH ETFs securing a launch. We expect more strength; however, the market also considers Mt. Gox distributions as $5.8bn worth of BTC was transferred today.
Prices push lower as the chickens of 2014 come home to roost. Governments sell seized BTC while Mt. Gox coins are moving. Free from such issues, ETH is set to outperform as its ETF journey continues, but traders should not view this as a short-term play.lg...more
In today's report, we examine the potential short squeeze setup in perps, with multiple metrics pointing toward bearish trades becoming crowded.lg...more