Is The Mini-Bitcoin Correction Over?

👇1-12) Since March, many crypto bulls have been caught off guard, expecting the Bull Run to continue. However, technical indicators suggested the rally was overextended. It now seems that sell-offs from early adopters (OGs) and large token unlocks have been driving prices down despite strong inflows from stablecoins, Bitcoin Spot ETFs, and increased futures leverage. These opposing flows have effectively neutralized the bullish narrative.

Token Unlocks have been an overhang to the bullish narrative in 2024

👇2-12) A new narrative has emerged centered around concerns about the U.S. economy, particularly the employment sector. These concerns have caused market fluctuations during the first week of the month when employment data is released, overshadowing the bullish narrative of rate cuts from the Fed.

👇3-12) Interestingly, the upcoming U.S. presidential election has taken a backseat as uncertainty looms over its potential impact. While there was speculation about when retail investors would re-enter the market, it now seems more influenced by institutional flows.

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