What the data tells us

Since the big selloff in the $80k area, the market has mostly stabilized. Stablecoin leverage is not increasing, which is good, sentiment and social volume got back to normal, with sentiment staying on the lower end, which is also good.

Important observations

Monday was the first time in a long time when Strategy did not post any update on their weekly bitcoin buys. Previously they would at least publish a report saying "we didn't buy anything last week", this time it's complete silence. But they did post a reassuring tweet today, reminding everyone that they have enough asset coverage even if BTC drops down to $25k.

Coins in the spotlight

A big drama is happening right now around BERA. Their team allegedly provided one of their lead VCs with a right to refund their investment up to 1 year after the TGE, which is not how most people imagine VC investing to work. The team is denying all the allegations, while the journalists are doubling down on the correctness of their reporting.

Conclusion

Seems like the most aggressive part of the selloff is over. I don't rule out a retest of the $81-82k area, which looks like a good level to try longing with leverage. Other than that, I keep holding spot BTC targeting a $105-110k level in the next 1-2 months.