2025-02-26
Daily Vol : BOTTOM? PLEASE???
Took some drawdowns bidding the dip, but happy with positioning now.
Bid the bottom of BTC quite nicely with good size averaging at 87k after entering a bit early and getting clipped at 91k.
Amongst seasoned traders, 75k seems to be the consensus bid level atm. Agree it’s a good level to bid.
The support here at 88k is the market’s attempt to frontrun that, but feels like a low conviction stance. I think this support could fall apart on macro headwinds, which continue to look worrying; elevated vix, falling yields, and rising yen.
So I’m staying nimble, raising BTC stops up to break even and staying neutral/short on the alt side.
There is not much to be bullish at the moment
- Coinbase premium is strongly negative
- No kimchi premium
- Sizable ETF outflows
It basically looks like the binance bid-block is holding up the whole market.
Not great.
On the bull side
- Longer term options skews are bullish
- Sentiment is poor
- We’ve taken lots of liquidity; meaning we might be out of aggressive sellers
**SOL**
Aggressive sellers still dictating price, but orderbook looking better and better.
Currently using SOL and WIF as a short-leg, but could see a reversal soon.
**ETH**
Bridging flows showing capital rotating back from BNB and SOL.
I really want to like ETH, but still feel like i want to puke when longing hahaha
Pairing with SOL shorts atm.
Would like to see more technical strength.
Large bids at 2200, want to get avg price down to that level if we get the chance.
