three exchanges announced exits in a week bitmex, bitmart, exmo and everyone's reading it as bearish
look closer. no hacks. no insolvency. no depegs. withdrawals still open. weak venues closing because volume dried up, not because anything broke
thats what the end of a bear looks like.
contagion kills bull markets. consolidation ends bear ones
now the btc side. topped at $126k in october, bled six months to $57k on july 1 june was -20%,worst month of the year with ~$4b of spot etf outflows worst since they launched in jan 2024
but the sharpe ratio hit -21 in june. lowest since late 2022, and that reading has historically shown up at BOTTOMS not tops.
$60k has now been defended repeatedly this year, enough that barron's flagged it as a possible triple bottom. and fear/greed printed extreme fear on july 5th while price was already off the low
sentiment always trails price, thats why bottoms are invisible from inside them
since then: +13% off the low, sitting around $64 - 66k
so: oversold, deleveraged, floor tested three times, sentiment reset, dead weight leaving the industry, and nothing structurally broken
which is why im positioned in $ANSEM same logic as the sentiment lag --by the time the crowd feels safe enough to rotate into small caps, the ones with a community intact are already bid.