August 11: The Quiet Recovery
The market's underlying health has completely decoupled from recent price action. Driven by a massive reversal in BTC ETF flows, conditions have fully recovered from the early June slump.
The market's underlying health has completely decoupled from recent price action. Driven by a massive reversal in BTC ETF flows, conditions have fully recovered from the early June slump.
Bitcoin ETFs saw their biggest one-day outflow of the month and greed drained out of the market, yet Bitcoin barely budged. Is it a healthy breather before next week's Fed decision, or a sign buyers are stepping back?
Stocks and Bitcoin both slid, yet money kept pouring into Bitcoin funds, and oil crossed its caution line. Is this a dip being bought or the start of something rougher, with the Fed decision less than a week away?
Brent crude is pressing up against its caution line, and Bitcoin's share of the cryptocurrency market has already crossed its caution line. The open question is whether either backs off before the Fed decision next week.
After days of outflows, money moved back into Bitcoin funds, while Bitcoin's market share stayed past its caution line. The real test comes in eight days with the Fed decision.