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Cumberland Morning Color
Good Morning and Happy Monday from Cumberland APAC! BTC has calmed down over the course of the past week, essentially unchanged on only 40% realized vol, down significantly from previous weeks. BTC holding near its highs is a strong sign, as we would expect some retracement after a one-month, 40% rally. There’s a typical pattern that we see in sharp rallies: BTC rallies and then calms down, ETH rallies and then calms down, blue-chip alts rally and then calm down… and then weaker coins see a rally. If we get to the end of that cycle, it usually means that the rally has run out of energy, and the next step is a BTC downtick. However, if at any point during the cycle, the energy flows up (for example, if the alts rally triggers real money...