Seems like the bear case is playing out before our eyes at the moment. Shout out to our wonderful research team at @21shares for calling this out. While I am expecting a K-shaped recovery in crypto. with certain sectors doing phenomenally well thanks to strong narratives and cash flows, especially products like Hype that are cycle-agnostic, BTC as the benchmark should be considered the canary in the coal mine for highly BTC-correlated assets. Learn more about our Monthly Observations here: https://www.21shares.com/en-eu/insights/what-did-markets-get-hyped-about-in-may(Ξliézer Ndinga)