🚨 BITCOIN $BTC : $67,000 HAS BEEN BREACHED—WHO’S HOLDING THE BAG?
This is the interesting part the crowd is overlooking.
Bitcoin just plunged below $67,000, while money is flowing out of Bitcoin ETFs. Coinbase’s distribution on 10/11 put around 855,000 BTC, worth roughly $57 billion, right around the current price range.
Think about it: a large group holding BTC at a cost basis close to the market price only needs the price to dip a little further to go from break-even to being underwater. Fear can spread faster than any numbers at that point.
This support level will only hold as long as steady buying pressure remains. If ETF outflows continue, that buying pressure is lacking.
🎯 My take: if buying flows return and the price holds this range, bulls still have a chance; if ETFs keep seeing net outflows and the price breaks lower, I’ll be much more cautious.
👀 I’m watching to see whether ETF flows reverse.
$BTC #Bitcoin #Crypto
This is the interesting part the crowd is overlooking.
Bitcoin just plunged below $67,000, while money is flowing out of Bitcoin ETFs. Coinbase’s distribution on 10/11 put around 855,000 BTC, worth roughly $57 billion, right around the current price range.
Think about it: a large group holding BTC at a cost basis close to the market price only needs the price to dip a little further to go from break-even to being underwater. Fear can spread faster than any numbers at that point.
This support level will only hold as long as steady buying pressure remains. If ETF outflows continue, that buying pressure is lacking.
🎯 My take: if buying flows return and the price holds this range, bulls still have a chance; if ETFs keep seeing net outflows and the price breaks lower, I’ll be much more cautious.
👀 I’m watching to see whether ETF flows reverse.
$BTC #Bitcoin #Crypto
