Is The Crypto Bull Run Over? Lekker Capital CIO Warns ‘Don’t Miss The Forest’

Quinn Thompson, CIO of Lekker Capital, believes the crypto market experienced a "positioning rinse" leaving consensus sentiment misaligned. He argues the recent open-interest flush in Bitcoin and Ethereum was a capitulation, not a reason to turn bearish. Thompson sees this setup as rare, coinciding with a favorable macro environment, the "macro goldilocks". He compares the situation to pre-Trump victory, suggesting a similar opportunity for gains. The recent liquidation event cleared more leverage than in the January-April 2025 period. Thompson emphasizes that selling after a large deleveraging event is historically a poor trading strategy. He suggests a medium-term bearish stance after the large liquidation event shows poor risk/reward. Market figures like Alex Krüger and Vance Spencer support Thompson's contrarian view. Thompson links the crypto setup to a strong macro backdrop, comparable to a gold bull case. He points to the Shanghai Cooperation Organization summit image as a signal for gold, and sees a similar consolidation pattern in Bitcoin. Thompson highlights a constructive structural backdrop for the US market and Coinbase CEO Brian Armstrong’s policy push. He advises against missing the broader picture, linking it to the previous gold signal. Bitcoin was trading at $109,101 at the time of the article's publication.