BTC is still hovering around 64,000—honestly, this kind of spot is pretty frustrating to watch. But there’s a detail on today’s chart that I’ve been paying attention to: FalconX deposited 300 BTC to Coinbase, worth $19.18 million. It’s not a big amount, but when things are like this, moving coins to an exchange generally isn’t a bullish move.
Also, the founder of CryptoQuant came out to correct the interpretation of CME data, saying that large institutions are still modestly net long overall. This matches what I’m seeing as well. Even though there have been outflows from the ETF in the past couple of days, the longs on the futures side haven’t really dispersed, and the long/short ratio hasn’t swung to extremes.
On the spot side, things are indeed a bit stuck: the bid isn’t very proactive, but when you sell it off, there are people willing to pick it up. According to my usual approach, in a structure like this I generally don’t chase the direction—I’ll wait until 64,000 prints clear volume and then decide. As long as BTC doesn’t move much, the funds will keep rotating through alts. Today, for example, Hailix—one that got slammed by a whale for $20.16 million—just look at it and don’t rush to catch it.
I’ll keep watching this one. Don’t rush.
Also, the founder of CryptoQuant came out to correct the interpretation of CME data, saying that large institutions are still modestly net long overall. This matches what I’m seeing as well. Even though there have been outflows from the ETF in the past couple of days, the longs on the futures side haven’t really dispersed, and the long/short ratio hasn’t swung to extremes.
On the spot side, things are indeed a bit stuck: the bid isn’t very proactive, but when you sell it off, there are people willing to pick it up. According to my usual approach, in a structure like this I generally don’t chase the direction—I’ll wait until 64,000 prints clear volume and then decide. As long as BTC doesn’t move much, the funds will keep rotating through alts. Today, for example, Hailix—one that got slammed by a whale for $20.16 million—just look at it and don’t rush to catch it.
I’ll keep watching this one. Don’t rush.