June 5th Morning Outlook
Last night, the entire network saw a liquidation of $1.6 billion, and this morning's opening is looking bleak.
BTC: 61,133, -3.55%
ETH: 1,585, -9.67% (weakest single day of the year)
BNB, ZEC, and STRAX are all in the red, not a single green.
Why is this wave so brutal?
Looking at the news front, several things hit at once:
- ETH spot ETF has seen a net outflow for 17 consecutive days
- Whales reduced their positions by nearly 80% from June 1 to June 3
- ZEC encountered a security breach, affecting the privacy coin sector
- Funds from the AI sector are moving to the primary market
It's not just one single factor; it's a combination.
My own status:
- Closed most of my BTC short position yesterday, holding a small amount to watch the action
- Completed my ETH two-way short at 1761/1747
- No new positions today, waiting for the market to stabilize before reevaluating
In a bear market, those who make money,
aren't the ones who grab the most, but the ones who avoid getting caught in the knives.
$BTC #BTC☀️