$ETH 4260 million dollars flowed into ETH, while Fidelity bought up $237 million in BTC in a single day: Are institutions forcibly propping up the market?
ETH’s bottom for this rally was 2,200. The bearish news from the ADP report was obvious, but the market didn’t move; it bottomed at 2,260. With political uncertainty also easing, institutions have started buying with real money. Yesterday, $42.6 million flowed in, and the market saw a fairly strong rebound. By comparison, $BTC Bitcoin saw 4 institutions buy BTC yesterday. Fidelity’s massive single-day purchase of $237 million is especially telling: this kind of selling high and buying low suggests the 76,000–79,000 range is a value zone where they’re willing to step in. Real money is starting to flow in over the short term, with institutions forcibly propping up the market. If BlackRock and other institutions start buying next, prices could quickly climb further. So, in the early stages of a short-term bull market, the broader trend still favors long positions!!
#ETH #BTC
ETH’s bottom for this rally was 2,200. The bearish news from the ADP report was obvious, but the market didn’t move; it bottomed at 2,260. With political uncertainty also easing, institutions have started buying with real money. Yesterday, $42.6 million flowed in, and the market saw a fairly strong rebound. By comparison, $BTC Bitcoin saw 4 institutions buy BTC yesterday. Fidelity’s massive single-day purchase of $237 million is especially telling: this kind of selling high and buying low suggests the 76,000–79,000 range is a value zone where they’re willing to step in. Real money is starting to flow in over the short term, with institutions forcibly propping up the market. If BlackRock and other institutions start buying next, prices could quickly climb further. So, in the early stages of a short-term bull market, the broader trend still favors long positions!!
#ETH #BTC
