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Here's the post:
Bitcoin is down 20% since May 15.
$4.4 billion pulled from ETFs. 13 straight days of outflows. $3 billion liquidated in 48 hours.
Traders are buying $60K puts. Arthur Hayes just exited early. Saylor says it's AI rotation, not Bitcoin breaking.
Meanwhile the CFTC just cleared Coinbase to offer perpetual futures to US traders for the first time ever.
And the Clarity Act is stalling in the Senate.
Here's what I think happens next.
$60K is the line. If it holds, this was a healthy flush and the next leg up sets up around the Fed decision June 17. A dovish signal there could trigger a sharp reversal.
If $60K breaks, the next support is $55K. Miner margins compress. Retail panic sets in. The ETF outflow streak accelerates.
The Coinbase futures approval is underrated. US traders getting access to perps onshore is a structural upgrade for market depth. That matters more in 3 months than it does today.
The Clarity Act delay is the real wildcard. Stablecoin yield is the sticking point. If that drags into Q3, institutional hesitation stays elevated.
Watch June 17. Watch $60K. Everything else is noise