Hello!
At the time of writing these words Bitcoin is trading at $84,000. We've been on this range for a while. As some of you know, I like to track the inflows and outflows of the Bitcoin ETFs. There are 2 websites that have the data available, one is https://heyapollo.com/bitcoin-tracker/flows and the other one is https://farside.co.uk/btc/.
If you take a look at the chart of inflows and outflows of heyapollo you can see this:
After a large period of constant inflows we had some straight days of outflows since 1st of February. Money was going out of the ETFs to other investment assets, but for the last 6 days it changed. We are back on track with inflows. The question here is, for how long? And, why is the price of Bitcoin not moving upwards with this new flow of money?
The answer for those 2 questions is unkown, but we all can agree that having this change in the trend of Bitcoin ETF flows is positive.
How big are those new inflows? To answer this question we can take a look at the Farside chart in million us dollars:
Here you can see the last 6 days of positive inflows for the Bitcoin ETFs.
I’ve been out of the charts for some days, usually when I do this is when I’m getting tired of the price action. It has freed some time that I used to do other things. In addition to that, I’ve also done some minor adjustments to my portfolio that let me sleep better at night. I’m happy of how everything is looking, the setup is good for a new bullish period, a lot of longs got liquidated and the market looks healthier now.
Sometimes is painful, but as I always say. Those who are able to be persistent will get the rewards. Have a great weekend!
Posted Using INLEO
Just when you think the crypto is going topop, it just chills. Those ETF inflows are a good sign, but yeah, why isn't the price moving. Feels like the market is playing the mind games again