There's been no questioning how we've been positioned in crypto markets.
For the longest time, we've promoted high cash positions in this tape. Patience has been a significant virtue for traders to maintain.
Extending on this overarching theme, we yet again argued that caution is advised in the short term in yesterday's note.
While we've been putting forward the utility of patience in this cryptocurrency market for some time, we especially see a confluence of concerning data points.
Most importantly, the S&P 500 is once again testing its channel resistance and AVWAP off the highs, where it has found resistance over the last year.
Further, the dollar index is retesting its breakout level from the 2017 and 2020 highs following the collapse of the FTX and Alameda ecosystem.
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