US spot Bitcoin ETF had a net outflow of 201.81 million yesterday. On the surface, it looks like funds pulled back a slice, and the market has indeed responded: the current spot price is 77,694 ($BTC ), down 2.71% over 24h. The high and low moved from 79,999 down to 76,888. The problem is that spot is falling, while futures trading volume is still about 11 times that of spot, and the funding rate is still hovering at +0.01%.
This kind of tape is most like a group of people walking out while still using leverage to try to buy the dip. I didn’t chase either side—I put a short order on with 5% position size hanging above 77,800, set a stop-loss at 78,380, and plan to cover first around 77,000. If I’m wrong, I’ll get out—I won’t argue with it. $BTC #Bitcoin
This kind of tape is most like a group of people walking out while still using leverage to try to buy the dip. I didn’t chase either side—I put a short order on with 5% position size hanging above 77,800, set a stop-loss at 78,380, and plan to cover first around 77,000. If I’m wrong, I’ll get out—I won’t argue with it. $BTC #Bitcoin