What the data tells us

Today BTC experienced a correction from the $90k level which it held over the weekend to$83-84k, which caused quite a bit of panic on crypto social media.

There's been a spike in Social Volume, accompanied by a massive swing between positive and negative sentiment.

Borrowing of stablecoins in onchain DeFi protocols keeps declining, which is a good sign, as people are being cautious about taking on leverage long positions.

Important observations

Last few days a lot of negative opinions regarding Tether has been circulating around. Many big twitter accounts are simultaneously all of a sudden very concerned by the status of USDT backing, which seems very unlikely to be purely coincidental.

Coins in the spotlight

ZEC did a hard turn lately from being the only green coin in the sea of red, to being the loss leader today, falling almost 20%. Holders are starting to get vocally upset on social media, blaming influencers for organising a coordinated pump and dump.

Conclusion

The retest of low 80s is playing out exactly as I was expecting last week. I'm picking up some long exposure here, but leaving room for adding more in case BTC dips closer to $80k. Market situation as a whole doesn't look bad at all for some recovery towards at least$100k, at best even $110k.

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