The bottom line is we're in elevated cash positions looking for a higher-conviction entry.
The most probable outcome is that we see a contraction of volatility in Bitcoin while it ranges for the remainder of 2021. If this is the case, whipsaws are likely to be highly concentrated, and there'll be no edge in trading lower time frames or maintaining highly aggressive long positions.
But, as far as the structural picture is concerned, there's little to suggest that much damage has been inflicted on the HODLers, and spot flows continue to paint a bullish picture for 2022.
In today's report, we'll outline why this recent selloff doesn't have the characteristics leading to a deeper correction similar to what took place in May.
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