GM, a new day, same familiar price: $BTC .
According to Glassnode, net aggressive selling in perpetual futures fell from $890 million to $560 million last week. Weekly outflows from U.S. spot BTC ETFs also narrowed from $680 million to $230 million, so the selling pressure has clearly eased.
The bad news is that weekly ETF trading volume is down to just $10.1 billion, below the lower bound. Spot price momentum at 36 is also hovering near the lower bound, and buyers have no enthusiasm at all.
In other words, selling pressure is fading, but new buyers haven’t entered the market yet.
Another sideways market stuck in limbo—this is the most agonizing kind.
According to Glassnode, net aggressive selling in perpetual futures fell from $890 million to $560 million last week. Weekly outflows from U.S. spot BTC ETFs also narrowed from $680 million to $230 million, so the selling pressure has clearly eased.
The bad news is that weekly ETF trading volume is down to just $10.1 billion, below the lower bound. Spot price momentum at 36 is also hovering near the lower bound, and buyers have no enthusiasm at all.
In other words, selling pressure is fading, but new buyers haven’t entered the market yet.
Another sideways market stuck in limbo—this is the most agonizing kind.