The U.S. August nonfarm payroll data just came out: 162,000 new jobs were added, nearly three times the forecast, and July’s figures were revised up as well. The market immediately blew up, and the odds of a September rate hike instantly jumped from a low level to a 50/50 coin flip.
Just from this one number, $BTC saw a single-day ETF net inflow of $731 million, the largest daily inflow since January this year. At the same time, the correlation between Bitcoin and gold reached a six-year high, which shows that major institutions have already started using $BTC as a macro hedge, not just a speculative chip.
But there’s a detail many people missed: while ETFs were疯狂吸金, holders of $BTC who have held for more than five years were also quietly making moves. The 90-day average spent UTXO has doubled to 1,500 coins, and the official explanation is that they are being transferred to more secure cold wallets. But how much of it is really repositioning, no one can say for sure.
Do you think this wave of old-money movement is risk avoidance, or is it a stealth reduction of holdings?
Just from this one number, $BTC saw a single-day ETF net inflow of $731 million, the largest daily inflow since January this year. At the same time, the correlation between Bitcoin and gold reached a six-year high, which shows that major institutions have already started using $BTC as a macro hedge, not just a speculative chip.
But there’s a detail many people missed: while ETFs were疯狂吸金, holders of $BTC who have held for more than five years were also quietly making moves. The 90-day average spent UTXO has doubled to 1,500 coins, and the official explanation is that they are being transferred to more secure cold wallets. But how much of it is really repositioning, no one can say for sure.
Do you think this wave of old-money movement is risk avoidance, or is it a stealth reduction of holdings?