Bitcoin is trading above $84,000 and keeping its weekend gains, even though ETFs lost more than $600 million to outflows last week.
Redemptions that size could easily have dragged price back down, and so far they haven't. Somebody is buying what the funds are selling.
Oil is also trading lower. I think cheaper energy takes a little pressure off the macro picture, which gives risk assets room to hold their ground.
I'm not calling a breakout yet. Before I treat this as real strength, I want to see ETF flows turn positive.
$BTC $CKB $IO
Redemptions that size could easily have dragged price back down, and so far they haven't. Somebody is buying what the funds are selling.
Oil is also trading lower. I think cheaper energy takes a little pressure off the macro picture, which gives risk assets room to hold their ground.
I'm not calling a breakout yet. Before I treat this as real strength, I want to see ETF flows turn positive.
$BTC $CKB $IO