1/2 FNG 23, extreme fear. BTC has had four consecutive red candles, dropping from 82k to 71k, wiping out 13% in a month. My short positions have been fully loaded since last week. To be honest, there were a few moments when I wanted to close them—especially during those two days of rebound when the comments section was probably full of "got slapped in the face, huh?" But there’s one thing more honest than the candlestick chart: ETFs have seen over $2 billion in outflows. In May, institutions were buying stocks with one hand and selling crypto with the other. It’s not that they’re bearish on crypto; they just have other priorities right now. This is one of the reasons I’ve been holding onto my shorts—not betting on the direction, but because the money hasn’t planned to come back yet. Now the entire internet is shouting "bear market." At this point, you have to ask yourself one question: when consensus is this unanimous, who’s on the other side taking the trade? First week of June, my shorts are still open. But it’s not because I think "it’ll drop more," it’s because I haven’t seen any signs of the money returning yet. Once I see that, I’ll close, no matter the price.