This trading session has me dizzy.
I’d just finished writing this morning that BTC had climbed above 84K, and by evening the AI sector had turned around. Chip stocks went deep into the red, and $BTC slid all the way down from the 84.8K level to just above 81K. Yesterday’s line, “Today’s going to be pretty crowded”—sure was.
With prices falling this hard, ETFs were still buying: spot Bitcoin ETFs took in over $1 billion in three days, including more than $500 million yesterday alone. That’s real money, but it wasn’t enough to absorb the selling pressure.
There’s a pretty patient player on-chain: a mysterious whale has been selling BTC for ETH for 11 straight days. Today, it swapped another $20 million-plus, bringing the total to 1,917 BTC (about $159 million) exchanged for over 64,000 ETH (about $155 million). ETFs are buying BTC while the whale is swapping BTC for ETH—and they’re not using the same wallet.
The Fed meets next Tuesday, the 27th. In a Reuters poll, 94% of economists bet it will hold rates steady.
#BTC #ETH #On-chainData
I’d just finished writing this morning that BTC had climbed above 84K, and by evening the AI sector had turned around. Chip stocks went deep into the red, and $BTC slid all the way down from the 84.8K level to just above 81K. Yesterday’s line, “Today’s going to be pretty crowded”—sure was.
With prices falling this hard, ETFs were still buying: spot Bitcoin ETFs took in over $1 billion in three days, including more than $500 million yesterday alone. That’s real money, but it wasn’t enough to absorb the selling pressure.
There’s a pretty patient player on-chain: a mysterious whale has been selling BTC for ETH for 11 straight days. Today, it swapped another $20 million-plus, bringing the total to 1,917 BTC (about $159 million) exchanged for over 64,000 ETH (about $155 million). ETFs are buying BTC while the whale is swapping BTC for ETH—and they’re not using the same wallet.
The Fed meets next Tuesday, the 27th. In a Reuters poll, 94% of economists bet it will hold rates steady.
#BTC #ETH #On-chainData