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This week's vacation.. So I haven't been posting much..
This wave feels like February all over again... All due to inexplicable endless selling pressure..
But in February, the selling pressure came from exchanges, a continuous negative CVD..
The selling pressure in May is from ETFs.. Continuous net outflows..
Back then, I didn't understand why the ETFs bought recklessly in April.. And now I also don't understand why this wave of ETFs is selling recklessly..
On-chain data is almost impossible to explain..
The only explanation seems to be liquidity...
There's a researcher I follow who specializes in macro liquidity analysis.. He created an index based on various macro liquidity indicators..
Looking back now, this macro liquidity wave saw a turning point on March 18, reaching a peak on April 8 (BUY signal)
Similarly, a turning point appeared on April 28, reaching a peak on May 15 (SELL signal)
It seems to align with this trend.. Could it be that the funds allocated to these ETFs are entirely passively allocated based on liquidity to BTC?
We can only keep observing..
Such a level of selling pressure requires a panic sell-off to be fully triggered.