$208M in. The chain couldn't care less.
Spot ETF inflows just collapsed 87.7% to $208.1M for the week, and ETF trading volume is down 11.8% too. Ugly headline numbers.
Then you check the chain. Daily active addresses up 6.1% to 675,800. Entity-adjusted transfer volume up 2.4% to $6.7B. Total fee volume up 7.3%. Spot cumulative volume delta swung from negative $102.8M to positive $33.2M. Futures open interest bled 3.8% down to $36.6B and Bitcoin still held the upper end of the range near $84K.
Read that again. Leverage got rinsed on Monday. The ETF bid thinned out. And the tape keeps trading weaker while the chain keeps printing higher.
ETF MVRV is sitting at 1.5. The average ETF holder is sitting on a comfortable profit and still not selling. That is not distribution. That is consolidation on real spot volume while the paper flow cools off.
Two signals, one market. The tape says weak. The chain says alive. I know which one I trust more.
$BTC $ETH
Spot ETF inflows just collapsed 87.7% to $208.1M for the week, and ETF trading volume is down 11.8% too. Ugly headline numbers.
Then you check the chain. Daily active addresses up 6.1% to 675,800. Entity-adjusted transfer volume up 2.4% to $6.7B. Total fee volume up 7.3%. Spot cumulative volume delta swung from negative $102.8M to positive $33.2M. Futures open interest bled 3.8% down to $36.6B and Bitcoin still held the upper end of the range near $84K.
Read that again. Leverage got rinsed on Monday. The ETF bid thinned out. And the tape keeps trading weaker while the chain keeps printing higher.
ETF MVRV is sitting at 1.5. The average ETF holder is sitting on a comfortable profit and still not selling. That is not distribution. That is consolidation on real spot volume while the paper flow cools off.
Two signals, one market. The tape says weak. The chain says alive. I know which one I trust more.
$BTC $ETH
