Buyers On Strike, But Leaning Bullish into Next Week
Apr 25, 2024
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Buyers On Strike
Last week, we discussed our immediate-term cautious approach to the crypto market, highlighting recent geopolitical tensions, tax-related selling, negative fiscal flows, and the persistent rise in real yields as reasons for a more risk-averse positioning (albeit relative, as holding 7.5% in cash and the rest in crypto is hardly considered risk-averse in most circles). This uncertainty has persisted into this week, evidenced by what we consider an apparent “buyer's strike.”
One of the clearest indicators of this buyers' strike is the 7-day moving average in ETF flows, which h...