The resurgence of crypto in the ETF market

• Bitcoin's recent 22% rise is supported by short covering and genuine spot buying, with options market showing bullish sentiment.
• Implicit leverage in altcoins is at 'incredibly high' levels, comparable to those seen before a major market liquidation in October 2021.
• While Bitcoin and assets like Ethereum and Robinhood-related tokens show strength, investors should proceed cautiously with altcoins due to elevated risk.

Bitcoin has seen a significant 22% surge in the last three weeks, driven by short covering and healthy spot buying, with call options indicating further upside interest. However, the analyst warns of 'incredibly high' implicit leverage in altcoins, reminiscent of pre-liquidation levels in October 2021, urging caution for the broader crypto market.