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Bitcoin
's short-term correlation to gold has dropped to -0.54 over the past 30 days - the lowest since February. Meanwhile, 90D and 365D correlations remain positive at 0.39 and 0.60, respectively.
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Understanding who is behind price moves is critical to navigating market cycles. This new visualization, based on spending patterns, reveals how investor behavior shapes trend reversals and continuation - available across $BTC, $ETH, and #ERC20 tokens. For example:🧵👇
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As of May 26, the >10K $BTC cohort has pivoted to net distribution (~0.3), signaling a notable shift in positioning among the largest holders. Apart from that, accumulation remains broad, but leadership is shifting down the wallet size curve: 🔸>10K BTC: ~0.3 🔻 🔸1K–10K BTC: ~0.8 🔻 🔸100–1K BTC: ~0.7 🔻 🔸10–100 BTC: ~0.9 🔻 🔸1–10 BTC: ~0.7 ➖ 🔸<1 BTC: ~0.9 🔻
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As of May 26, the >10K $BTC cohort has pivoted to distribution net (~0.3), signaling a notable shift in positioning among the largest holders. Apart from that, accumulation remains broad, but leadership is shifting down the size curve: 🔸>10K BTC: ~0.3 🔻 🔸1K–10K BTC: ~0.8 🔻 🔸100–1K BTC: ~0.7 🔻 🔸10–100 BTC: ~0.9 🔻 🔸1–10 BTC: ~0.7 ➖ 🔸<1 BTC: ~0.9 🔻
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Last Friday, US Spot #Bitcoin ETFs just recorded one of the largest net positive flows YTD - 7,869 $BTC - marking the biggest daily inflow since April 29. The 7-day SMA is also trending higher, signaling a sustained uptick in institutional demand: https://glassno.de/3So5zJg
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There is a notable cluster of investor cost basis levels around $2,800 for $ETH. As price approaches this zone, sell-side pressure may increase as many previously underwater holders may look to de-risk near breakeven.
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