Executive Summary
High retail investor participation in IPOs at stretched valuations generates negative convexity in the broader equity market: initial positive gamma from FOMO-driven buying (short-term momentum) reverses into amplified downside convexity upon sentiment shift, due to herding, low information processing, and liquidity withdrawal. Historical data confirm that elevated retail flows in late-cycle IPO…
Bitcoin’s Sell-Side Risk Ratio Hits Critical “Very Low Liquidity” Zone: A Precursor to Major Upside?
The Bitcoin Sell-side Risk Ratio (SRR) has reached a critical "Very Low Liquidity" level in May 2026, mirroring major market bottoms in 2018, 2020, and 2023. The SRR, calculated as realized absolute profit and loss divided by realized capitalization, indicates extreme sell-side exhaustion when below 0.001.
Historically, such compressions have preceded significant price expansions:…
Analyse de marché