Emily Vuong
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Bullish
📍Bitcoin hits a new peak of $111,000 – but this time the market is “very different”
BTC has just broken the $111K mark, setting a new ATH. But behind that number is a more mature market, less speculative, and not experiencing FOMO.
📌 #1. Low funding rate, the market is not too hot
Unlike the peaks in March & December 2024, the current funding is still low, indicating that this price increase is not driven by futures leverage. Spot is the main driver.
📌 #2. ETF cash flow is much weaker
U.S. ETF cash flow last week was only ~600M USD, significantly lower than previous breakouts. ETFs are not the main factor pushing prices up, meaning the market still has potential to rise if institutional cash flow returns.
📌 #3. Retail is almost on the sidelines
Record low social index. Searches for “Bitcoin” have not increased. Small wallets (<1 BTC) are also decreasing — FOMO has not appeared. This increase has no retail involvement, no hype, no bubble. $BTC
BTC has just broken the $111K mark, setting a new ATH. But behind that number is a more mature market, less speculative, and not experiencing FOMO.
📌 #1. Low funding rate, the market is not too hot
Unlike the peaks in March & December 2024, the current funding is still low, indicating that this price increase is not driven by futures leverage. Spot is the main driver.
📌 #2. ETF cash flow is much weaker
U.S. ETF cash flow last week was only ~600M USD, significantly lower than previous breakouts. ETFs are not the main factor pushing prices up, meaning the market still has potential to rise if institutional cash flow returns.
📌 #3. Retail is almost on the sidelines
Record low social index. Searches for “Bitcoin” have not increased. Small wallets (<1 BTC) are also decreasing — FOMO has not appeared. This increase has no retail involvement, no hype, no bubble. $BTC
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