$btc

After 4 years, the BTC trend has shown a similar "double top structure" pattern as in 2021 (Figure 1). From the data, Bitfinex's whales have not increased their holdings due to the rise in coin prices (Figure 2). On the contrary, they are actively deleveraging, which is why recent altcoins have not followed BTC and ETH in rebounding; they are afraid of being "handed over" like in 2021. Currently, the world is in a state of insufficient liquidity (including U.S. Treasury bonds). If this continues, the situation does not look optimistic. For now, we can only hope for the Federal Reserve to cut interest rates in Q3 to release liquidity and save the financial markets.