Flying Tulip Weekly Update - May 22
ETH Lend is growing, with collateral and borrow caps increased for BTC, USDC, and USDT.
Margin Lending TVL is now above $5M, while ftUSD total supply crossed $2M — all without points or active incentives.
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BTC IS REPEATING THE SAME CYCLE PATTERN!
BTC cycle has a 100% hit rate over the last 9 years:
396 days down, then 1035 days up.
We are in the middle of 396-day bear phase rn.
Means BTC must go lower and bottom around ~4 months.
Turn on notifs, I'll call the cycle bottom.
Most of the $BTC short-term downside liquidity has been taken out.
There's still a small cluster around the $73,500 level which could be the next.
After that, there are large short liquidity clusters around the $78,000 level where BTC could move next.