Weekly chart breaks above the 50-week moving average: only about $6.1 million in U.S. fund inflows this week
The weekly close was above approximately $81,000—about the first time in roughly ten months that it has risen above the 50-week moving average. Galaxy’s Alex Thorn interprets this as a signal that the “ceiling” of a bear market has been reclaimed.
Yet, in the same week, net inflows into U.S. spot Bitcoin ETFs were only about $6.1 million (Farside). In midweek (Tuesday and Wednesday combined), outflows totaled several hundred million; it was only by around $433 million on Friday that the weekly line was pulled back into position. Relative to an asset-management scale of nearly $100 billion, these net inflows are nearly invisible. While the price has confirmed on the weekly chart, spot ETF demand hasn’t returned alongside it this week.
Breaking above a moving average ≠ money has already entered. Look first at whether it can stay above the moving average in the coming weeks, and don’t treat a single weekly close as a reason to charge in.
The weekly close was above approximately $81,000—about the first time in roughly ten months that it has risen above the 50-week moving average. Galaxy’s Alex Thorn interprets this as a signal that the “ceiling” of a bear market has been reclaimed.
Yet, in the same week, net inflows into U.S. spot Bitcoin ETFs were only about $6.1 million (Farside). In midweek (Tuesday and Wednesday combined), outflows totaled several hundred million; it was only by around $433 million on Friday that the weekly line was pulled back into position. Relative to an asset-management scale of nearly $100 billion, these net inflows are nearly invisible. While the price has confirmed on the weekly chart, spot ETF demand hasn’t returned alongside it this week.
Breaking above a moving average ≠ money has already entered. Look first at whether it can stay above the moving average in the coming weeks, and don’t treat a single weekly close as a reason to charge in.
