$IBIT and $BTC on the WEEKLY should normally be almost identical charts, as the #BlackRock⁩ Bitcoin ETF follows the token's price closely, yet there are some very interesting differences.

#IBIT had a clean BEAR RSI divergence before the 10 OCT collapse, while Bitcoin's WEEKLY chart did not. That would have been useful to know, looking back.

Another clear sign pre-collapse was flashing on BLACKROCK'S weekly chart in OBV — again, a BEAR divergence. Not on the BTC chart, once more.

And the last huge difference is in the VOLUME profiles — IBIT's red bars have been much stronger and more towering than the ones on the KING crypto's chart.

The differences between the charts can be easily explained by the notion that share prices, even though they do follow BTC’s price, also have an added effect of institutional confidence — that extra inflow/outflow balance that the regular BTC chart doesn’t show.

And since this cycle is purely institutional, the IBIT (805 thousand BTC held by the #etf ) chart can be extremely helpful when trading BTC.

At the moment, it only adds to the bearish case, sadly. 💙👽