BlackRock sold 2,840 Bitcoin yesterday.
The day before that, they sold 2,720 Bitcoin.
So BlackRock has clearly got coins to sell this week.
At the same time, Fidelity and ARK are buying less.
On Monday they were buying around 1,000 Bitcoin each.
Yesterday they bought less than half of that.
Trend is your friend.
BlackRock's trend is selling more.
Fidelity and ARK's trend is buying less.
That's not the combination you want to see if you're looking for a strong move higher.
The total ETF flow yesterday came in at -1,780 BTC.
That's over $100 million leaving the market.
And investors generally don't wake up one morning and decide to completely change their view five minutes later.
If they're reducing exposure here, it's because they think there is more risk ahead.
For me, this just adds to the same picture we've been building for days.
The biggest seller is getting more aggressive.
The biggest buyers are getting weaker.
And tomorrow we get PCE inflation data.
Not exactly the backdrop I'd want if I'm trying to defend $62k. $BTC
The day before that, they sold 2,720 Bitcoin.
So BlackRock has clearly got coins to sell this week.
At the same time, Fidelity and ARK are buying less.
On Monday they were buying around 1,000 Bitcoin each.
Yesterday they bought less than half of that.
Trend is your friend.
BlackRock's trend is selling more.
Fidelity and ARK's trend is buying less.
That's not the combination you want to see if you're looking for a strong move higher.
The total ETF flow yesterday came in at -1,780 BTC.
That's over $100 million leaving the market.
And investors generally don't wake up one morning and decide to completely change their view five minutes later.
If they're reducing exposure here, it's because they think there is more risk ahead.
For me, this just adds to the same picture we've been building for days.
The biggest seller is getting more aggressive.
The biggest buyers are getting weaker.
And tomorrow we get PCE inflation data.
Not exactly the backdrop I'd want if I'm trying to defend $62k. $BTC