Crypto conviction is falling among investors; numbers showing it

Speculative investors may have been pushing meme stocks “to the moon” earlier this week, but their crypto counterparts have been coming back down to Earth en masse.

Hedging activity is on the rise and bullish bets are finding limited demand — even with Bitcoin still almost 40% below its peak. These are rare times of restraint among day traders, who until last month’s $500 billion crash were famously in the throes of bullish mania.
Another way of looking at it: A slew of markexcesses fueled by leverage are getting snuffed out.

“Price and narrative are the fundamentals in cryptocurrency markets — right now, both are shaken,” said Nico Cordeiro, chief investment officer at Strix Leviathan, a digital-asset investment firm.