Bitcoin at 82.9k, dominance 59.1%. Flat on the day. The composition underneath it is not.
IBIT traded $1.10B yesterday while spot barely moved. Flat price with heavy ETF volume is not flat price with quiet volume - one says money is moving through the asset, the other says nobody is home.
This is the first. Heavy turnover on an unmoved price means the marginal dollar is changing hands, not changing its mind about direction. Churn at a level is how a level breaks. Expect the move to come from whoever stops agreeing first, not from a new headline.
$BTC
IBIT traded $1.10B yesterday while spot barely moved. Flat price with heavy ETF volume is not flat price with quiet volume - one says money is moving through the asset, the other says nobody is home.
This is the first. Heavy turnover on an unmoved price means the marginal dollar is changing hands, not changing its mind about direction. Churn at a level is how a level breaks. Expect the move to come from whoever stops agreeing first, not from a new headline.
$BTC