One-line thesis
Risk appetite and ETF bid still support near-term continuation.
Bull case
- Spot demand remains more durable than typical weekend weakness suggests.
- Macro tone is not yet restrictive enough to break trend followers.
- BTC still attracts capital first when crypto beta returns.
Bear case
- The trade is vulnerable to a fast unwind if rates spike or ETF flows fade.
- Weekend liquidity can exaggerate downside more than expected.