The Wrap: BTC Cracks First — Tech To Follow?

Caution

"BTC continues to break lower relative to SPX/NDX...perhaps crypto is already latching onto the looming liquidity drain as the TGA rebuilds against an already depleted RRP. No vol-control or CTA demand in sight, while heavy VIX short interest, roll-down dynamics, and steep skew leave the door open for a sharp correction if a catalyst appears." (GS, Privorotsky)