According to André Dragosch, global crypto hedge funds are currently as underweight to Bitcoin as they were during the FTX collapse. Their one-month beta to Bitcoin has declined to its lowest level since December 2022, suggesting that sellers are nearing exhaustion.

According to André Dragosch, there has been significant de-risking activity observed in the crypto markets. This action is notably reflected in the bearish sentiment among crypto hedge funds and ETP (Exchange Traded Products) investors, indicating a cautious approach towards current market conditions. Such sentiment could influence short-term trading strategies as investors might anticipate further price adjustments or volatility. [Source: André Dragosch's Twitter]