February 29, 2024 Grandpa checks in
As Bitcoin broke through 60,000, ETF funds showed a rapid inflow trend again. Yesterday, the net inflow of US spot ETFs was 670 million US dollars, of which Grayscale had an outflow of more than 200 million (this part was for profit-taking or switching of previous trust users), BlackRock's IBIT had an inflow of 610 million, and Fidelity had an inflow of 245 million. The two giants continued to lead the way. They are also the top names in the traditional financial field. There is no doubt that more big players will buy coins through them this time.
Where will the Bitcoin market stop or end? The inflow and outflow of ETF funds is the best basis for judgment. This wave of market is driven by ETFs. Continuous large inflows will actually turn into buying. In addition, any financial market buys when it rises and not when it falls. When Bitcoin prices rise, more ETFs will flow in. In the short term, there will be a stage of mutual achievement.
Of course, it does not mean that Bitcoin will rise directly. Last night's short-term retracement is the best proof. Don't rush in just because the market data is good. In fact, the risk-return ratio of buying Bitcoin now is not very cost-effective. If you really want to buy Bitcoin, you might as well find some copycats and wait for funds to overflow. As long as Bitcoin continues to maintain a high level, it is only a matter of time before funds overflow to the mainstream and copycats. The better way to intervene is to place orders at a low level. Yesterday's retracement of copycats easily caused a 20% fluctuation. Blindly chasing high prices is not safe either.
Now the market confidence has increased greatly, and this situation will not turn down directly in the short term, because our bull market pattern has been determined. However, there will still be wide fluctuations. Last night, there was only a small retracement, and a large number of positions were blown up in the contract market. Believe me, the market with both long and short positions will only become more and more frequent. Be patient, do a good job of your own mental preparation, do a good job of profit-taking, and do some swing trading by the way. Take a small position to do short-term copycat trading, that's about it.
Thank you for your attention and likes.
