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.
Preview
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?
