Unfortunately the flows haven't done shit for px of crypto. It's even flat when px against Cable. It's like a 75% corr to index so the unwinding of the fiat outflow will be bearish mitigated by the corr to equities... net-net means a drop in vola.
Could be for selling off, but probably not. Here is some facts about the last three drops (off the last three major rallies) in the SP500 compared to BTC Drop %: SPX BTC 17% 46% 12% 44% 17% 22% That is: 2.7x 3.6x 1.3x So BTC is holding up better this last time round, despite close correlation with stock market.
Yea, correlated, same investors in the tradfi treating btc and crypto assets as risk assets We're waiting for the next bull market or a very big news, i.e. a UK Japanese or Canada financial crisis, that would normally push btc price up, and tide lifts all crypto boats 13M out of 19M btc's are classified as long-term holders (have not moved in the past 6 months) ~4M bitcoins are "lost forever" Less than 2M bitcoins are on exchanges The bitcoin price driver have been futures traders. Hedge funds, et al One might suspect price manipulation through futures similar to paper gold, but it's cool, long term btc holders are waiting for the next bull market. I know I am
That could be part of the problem. Wouldn't an ETF work to oppose that? I wonder if that's why there isn't an ETF yet.
There's bitcoin spot etf's outside of the US, in Canada and in Europe From what I read, not sure how true it is, hedge funds and similar, short btc futures since it's correlated to NDX/growth stocks, it's a way for them to hedge their equity holdings, something something, alpha beta delta gamma stuff (making it up, lol) In a bull market, they'll probably go long btc futures to juice up the performance, so... But hey, 1 very big news like sovereign wealth fund, i.e. Dubai making an announcement they are allocating 20% (lol) to btc, and boom or how about dem apples saying they've put $20B of their cash to btc and will be putting a bitcoin wallet app on their iPhone, iPad and Apple watch, lol I like the bull market more, though, where we make hundreds of percent investing in altcoins or yield farming new project launches. Soon™️
Shark Kevin O'Leary said sovereign like Dubai were actually waiting on a US ETF and/or regulations (forget which) to allocate significant funds. Maybe they just couldn't wait, decided this was the bottom, and stepped in. Can try altcoins for multiples of BTC, or, just leverage BTC trades.
BTC is moving with QQQ and QQQ has not seen the bottom yet. Simple as that....I am not short because qqq is oversold for, ready for Oct bounce so is BTC. I would never short BTC as I would never short TSLA, still I think both are bubbles in a trading range.
On the last trading session of the US stock market, QQQ and SPY hit new 52 week lows and closed near those levels What did bitcoin do on Friday? Btc hit $20K as it has been doing for over 3 months, above $20K then below $20K then above $20K Btc has not revisited the $17K level it touched in June ---------------------- -------------- BTC 52 week low price
Chipotle dinner for 100 bucks? Did you breed uncountable kids or are they greedy AF? Thought Chipotle is fast food? Never ever paid more than 7 bucks per person at a fast food joint, I mean, ever. And never without coupon.