Bitcoin's sellers are tiring, but the buyers haven't shown up yet.
US spot ETF net outflows, daily (SoSoValue):
Thu: $430M
Fri: $412M
Mon: $201M
Tue: $95M, a fourth straight outflow day
Meanwhile (CryptoQuant): USDT supply is down $6.6B in 60 days, the biggest 60-day drop in its data since 2022, and the Coinbase Premium has been negative 30 days running.
$BTC sits at $73,636 after -8.2% over 7 days, right on the 200-day average (~$73,200). My read: slower selling stops the bleeding, but a recovery needs fresh stablecoin money. Reclaiming the 365-day average (~$76,400) would be the first sign. Not financial advice.
Disclosure: Write to Earn may pay me a commission on cashtag trades.
#Bitcoin #ETFFlows
US spot ETF net outflows, daily (SoSoValue):
Thu: $430M
Fri: $412M
Mon: $201M
Tue: $95M, a fourth straight outflow day
Meanwhile (CryptoQuant): USDT supply is down $6.6B in 60 days, the biggest 60-day drop in its data since 2022, and the Coinbase Premium has been negative 30 days running.
$BTC sits at $73,636 after -8.2% over 7 days, right on the 200-day average (~$73,200). My read: slower selling stops the bleeding, but a recovery needs fresh stablecoin money. Reclaiming the 365-day average (~$76,400) would be the first sign. Not financial advice.
Disclosure: Write to Earn may pay me a commission on cashtag trades.
#Bitcoin #ETFFlows
