Trading Desk Insights
BTC still cannot catch a bid versus stocks, badly lagging the equity tape. The latest shakeout cleared excess leverage, about 123,000 traders liquidated in the past 24 hours for roughly 420 million dollars. The short term time frame looked constructive with a squeeze from 103,000 to 111,500, up 8% in three days. Zoom out and the daily still looks heavy as we keep dancing around recent lows.
Momentum has rolled over. RSI broke down, bounced off oversold, and is still clinging to a rising trend line that has held since April. CVD stays negative, which says sell side pressure remains. Spot volumes faded into the drop, a tell for weak conviction. Futures echoed it, open interest fell and funding cooled, which says traders are de risking.
Luckily, some crypto market participants see this as a buying window. BitMine, led by Tom Lee at Fundstrat, reportedly added $800m to its already large ETH treasury. SharpLink Gaming picked up more than $75m of ETH, its first buy in over a month.
Eyes remain firmly dialled in macro conditions. Eyes stay on US China trade talks. Trump said Monday he expects a fair deal after meeting President Xi later this month in South Korea. Earnings are helping the broader risk mood while the data calendar is quiet during the government shutdown. Big tech is doing the heavy lifting as the AI trade persists, with the Magnificent Seven expected to print year over year earnings growth of 14.9%, versus 6.7% for the other 493 names.
Crypto Charts
ETF Flow
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