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FNG 23, Extreme Fear. BTC has four consecutive down days, dropping from 82k to 71k, wiping out 13% in a month.
The short positions I hold have been active since last week; honestly, there were a few times I wanted to close them—during the rebound, the comments section's inner thoughts were probably all "face slapped."
But one thing is more honest than candlestick charts: ETFs have been flowing out for over 82k, in May, institutions are buying stocks with one hand and selling coins with the other. It’s not a bearish outlook on crypto; they have other things on their minds.
My short positions have been held for this reason—it's not about betting on the direction, but because I haven't decided to take the money back yet.
Now the whole internet is calling for a bear market. At this moment, it’s better to ask yourself: when the consensus is so unified, who is on the other side taking the risk?
In the first week of June, I still hold my short positions. Not because "it will fall further," but because I haven't seen any signals that the money is turning around. When I do, I will close them, regardless of the price.