Bitcoin's recent gains appear driven by FOMO, fueled by ETF optimism, regulatory positivity, and whale buying activity.

Bitcoin's recent gains appear driven by FOMO, fueled by ETF optimism, regulatory positivity, and whale buying activity. On-chain data may not fully capture this dynamic, but volatility comparisons and the proliferation of bitcoin loan platforms support my bearish view. Ethereum security breaches and the pause in its rally also align with my skepticism towards crypto rallies driven by liquidity and FOMO.