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Chicken or the egg?🤯
Despite all the party energy going on with the TradFi folks this month, the crypto degens obviously didn't get the memo to join, as volatility continues to be crushed with BTC/ETH prices moving with similar volatility to a 3-month T-bill. Based on chain analysis data from Glassnode, the current supply of BTC held by short-term holders (ie. Fast money) has declined to cycle-lows, while long-term HODLers have hit all-time highs. Furthermore, the current 'sell-side risk ratio', defined as the absolute value of realized PNL to the realized market cap, is currently trading at all-time lows, explaining a lot of the current sentiment apathy. This suggests that all investors who can mathematically take profit or loss at this juncture have already done so, and thus a clean break to a new trading range (up or down) will likely be required to impulse traders to get back in as a classic chicken-and-egg problem.
