Trading

CryptoQuant ceo flipped bearish, saying he can't be bullish anymore.
- lack of new liquidity
- big volume not pushing price
- ETF inflows negative
- retail in, but not moving the needle
- macro not good enough, waiting for fed cuts is cope

but he's
- not shorting $BTC, just holding
- not expecting a 70% dump, more like ranging 6-12 months before a new ath. alts might not follow btc this cycle. 

tldr he's giving the bearish-but-not-apocalypse vibe

fed's rate hold's priced in. real play's quantitative tightening.

qt ends march? $BTC to $90k-$100k.
qt slows? chop szn.
qt full send to 2025? pain.

balance sheet changes, direct market impact. watch qt, not just rates.