Extreme readings in the ratio between short-term holder supply in profit and short-term holder supply in loss have aligned with the end of bear markets.
The fund is betting on a liquidity wave driven by U.S. deficit spending and potential money printing by the Federal Reserve, which Hayes expects to support crypto prices.
After holiday leadership shifts, the two U.S. markets regulators — the SEC and CFTC — are now run only by pro-crypto Republicans, with Congress still debating.
Regulatory clarity and expanding use cases beyond trading are setting the stage for deeper institutional participation in digital assets, the bank said.