06 May 2024

Was this the bottom?

Amidst the April retracement, leverage was cleansed from the market, and May 1 ETF flows pointed to a capitulation. Structurally, the market now looks sound, but there are some clouds on the horizon to keep an eye on.
AOC Cover May 7 png
  • Macro re-emerges as a price mover
  • ETF flows turned as BTC climbed higher
  • Perp leverage adds fuel to the fire – in both directions
  • CME traders bought the dip but remain cautious
  • Retail volumes are still far away from 2021 levels
  • Was this the bottom?
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