👀 3 reasons why Bitcoin hitting $38.5K marked the 'ETF dip' Bitcoin is experiencing shifting trends in ETF flows after…
👀 3 reasons why Bitcoin hitting $38.5K marked the 'ETF dip'
Bitcoin is experiencing shifting trends in ETF flows after a turbulent start. Can $BTC's price strength gear up for a recovery?
1️⃣ GBTC Exodus: The first US spot Bitcoin ETFs saw significant inflows but led to a 20% BTC/USD downside. Debates on GBTC's role and other potential culprits, like FTX sales, add complexity to the situation.
2️⃣ NVT Signal's Surprise: The classic on-chain metric NVT Signal dropped into oversold bands at $38,500, a first since the 2022 bear market. This suggests a potentially unnaturally low price point.
3️⃣ Hodlers' Capitulation Signs: Recent lows tested speculators and long-term hodlers. On-chain data reveals LTHs sending coins to exchanges at a loss, mirroring past patterns.