We’re at the state where people just solely look at ETF flows and wonder why it’s not dictating all price action.
Discussion
Yea seems like inefficient miner capitulation is occurring right now. Typical after the halving. From weak miners hands right to the etfs currently. Eventually will run its course.
Commercial miners seem to always sell at the worst time for USD profits or stack size maximizing. This last bear many of them diamond handed their way down to $25k then panic dumped at the bottom. Here we are with another 3x-4x on the table and they are dumping already.
I know some "price doesn't matter" smartass is coming to correct me. You are wrong. If the prime directive is maximize stack size and you must sell to cover expenses, then selling at the highest possible price maximizes stack size.
Must. Explain. Price. Without. Saying. People. Selling.
People don't understand money flows. Money doesn't "flow into" Bitcoin ETFs or anything else the way people imagine. That's why the people using that irrelevant data to predict prices end up being wrong over and over again: they don't understand the cause and effect of money flows and prices at a fundamental level.