Chicken and egg or egg and chicken🤯
TradFi player sentiment is running high this month, but crypto players are clearly not invited to the party, with BTC/ETH volatility continuing to be subdued at levels similar to those of 3-month Treasury bills, with current short-term holders ( The amount of BTC held by hot money) has fallen to cycle lows, while long-term holders are at all-time highs. Additionally, the current “sell-side risk ratio” (defined as the absolute value of the ratio of realized profits and losses to realized market capitalization) is currently are at all-time lows, which largely explains the current apathy in market sentiment, meaning that all investors willing to take profits or losses at this moment have already done so, if it were to prompt traders to get back into the market. It may require price to completely break out of the current range (either up or down), which is a classic chicken-and-egg problem.
