Narratives change fast in crypto. The S&P was doing very well until recently so most firms were still in stocks and only got back into crypto. I mentioned this before but only when there's institutional interest do prices soar the way they've been doing.

Institutions run the show on this point. I know folks here don't like hearing that but yeah this is pretty much just like any other trade to them. They're frontrunning the October 18 (potentially) Proshares Bitcoin ETF approval. We'll likely see some wild swings. Already some funny business going on in the last two days alone (very odd buying pattern + got some intel some whales in dubai want to dump some 43k BTC). Not a problem if your cost basis is way down in the 30-40k but these late longs, especially massive amounts of derivatives piling up, won't end well.