Enormous ETF inflows, net +12k #BTC were added yesterday.
- BlackRock alone saw a 10k btc inflow, and now surpassed 100k btc in holdings 🤯.
- Biggest outflows were from Grayscale (1.9k) and Invesco (~500 btc).
- Three consecutive days over +10k net inflows.
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Bullish 🤙
No cycle follows the previous, what if this one goes insane to the upside...
#NumberGoUp But at the same time the #ETF's are an attack on #Bitcoin
It's like #WallStreet have had that watershed moment we have all experienced when we realised that the central banks will keep printing and the government will keep spending and the inflation is coming, it's not going away and it ain't good for our wealth.
They don't want #Bitcoin but they want to win. It's #FOMO, they don't want their friends or enemies making more profit than them and so leaving them behind.
https://www.businessinsider.com/lyft-typo-projected-profit-10x-better-than-it-really-is-2024-2
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This is clear evidence of what I’ve heard described as the “demand shock” that is coming to Bitcoin
I wonder how many are chasing this current spike versus buying & holding?
Easier access to btc doesn’t mean that these inflows understand the asset
I wouldn’t be surprised by a quick re-correction back to 40k ish as they take short-term profits
Who else is selling? Miners from their reserves to cover operating costs?
