Speaking of the appetite for risk, Bitcoin continues to look very bad. And this is another type of indicator that I use to determine if it is advisable to maintain positions in important assets like the XLI. With Bitcoin suffering as it does, I think that says it all about cryptocurrencies: if Bitcoin can't go up, it will be difficult for practically all other assets in this universe to do so.
I believe that eventually the situation will reverse, but this is quite a strong punishment that we have seen recently. This is different from other drops because now it is an institutional problem. That is not something the market has experienced before, so you can't just say, “Bitcoin has dropped 60% before, it's not that serious.”
The reality is that we are in a completely different market now that Wall Street is involved. They won't try to push it soon; they will wait for something to change fundamentally and the first thing they need, of course, is appetite for risk. A return to 60,000 USD is very possible.$ETH
BTCUSDT
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66,992.5
-1.38%