Bitcoin rallies off ~$30k support again; crypto outlook remains choppy for now; macro picture softening; Delta variant may help alleviate a key risk for crypto (Fed tapering); Fidelity institutional survey highlights the big picture opportunity

Bitcoin rallies off ~$30k support again but crypto remains in a choppy market

Crypto is still in a doldrums of summer as many investors have taken a sell in May and go away approach. We think these combined factors below are partially why crypto remains in a choppy market environment for now:

-Institutional investors taking money off table early in year locking in performance fees

-Many institutional investors who were trading crypto are away for the summer months

-Less institutional capital, more retail, lower volumes, and lower liquidity = choppy VOL rising