Quick Take
- Bitcoin has maintained a stable price below $30,000 for the past few weeks.
- Many reasons this has occurred; whales and long-term holders are offloading Bitcoin while other cohorts continue accumulating.
- Derivatives are fairly muted and with a neutral bias, while risk-on sentiment disappears.
- Most importantly, liquidity continues to suffer after banking collapses with SVB, Signature, and Silvergate Bank.
- While spot volume is at one of the lowest levels for almost 15 months, which shows little appetite for investors.
- However, this could change with the jobs report coming out later and CPI next week.
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