Growth is stalling, real yields are firm, and risk appetite hasn’t turned

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	Forwarded this email? Subscribe here for more Bitcoin’s Recovery Conditions Are Still Missing Growth is stalling, real yields are firm, and risk appetite hasn’t turned Ecoinometrics Feb 23 ∙ Preview   READ IN APP   Four months is not a long Bitcoin bear market by historical standards. But it’s long enough for doubt to creep in. Long enough for people to start scanning charts and convincing themselves that the bottom must be close. We’ve seen this movie before. In late 2022, Bitcoin looked exhausted before it turned. Momentum was washed out. Sentiment was bleak. And then the recovery began. So it’s tempting to draw parallels. But bottoms are rarely confirmed by visual similarities. They’re confirmed by shifts in the underlying conditions that make risk-taking viable again. That’s the key question, whether the same macro and risk-on backdrop that supported that recovery is in place today. When you step away from price and look at growth momentum, capital allocation, and risk appetite, the picture looks different. And that’s what you need to pay attention to if you are allocating real money, not just reacting to patterns. Let’s break it down. Ecoinometrics delivers professional-grade crypto and macro analysis to help institutional investors and serious traders make data-driven decisions. Our team conducts rigorous quantitative research, developing proprietary metrics and institutional-quality visualizations that cut through the noise to reveal key market dynamics. Each newsletter provides clear, actionable insights backed by data, delivered in a concise format that respects your time - five minutes to absorb, but deep enough to inform your investment strategy. Join over 35,000 professional investors and fund managers: Upgrade to paid Ready? Let’s dig into the data. Bitcoin’s Recovery Conditions Are Still Missing The Takeaway Bitcoin may look technically washed out, but the broader conditions that typically support durable recoveries are not in place... Continue reading this post for free in the Substack app Claim my free post Or upgrade your subscription. Upgrade to paid   Like Comment Restack   © 2026 Ecoinometrics 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe