Bitcoin looks heavy.
Currently there is spot selling into perp buying. Positive ETF flows were also unable to affect price positively during the 51k peaks.
700k BTC was sent to OTC desks. It's unclear if these have been sold or to be sold. This is a large number and quite worrying. This would throw my earlier estimates for price corrections out the window.
I have heard rumors of a multi billion dollar BTC 5 years ago, apparently the purchase was made before 2017, when prices were in the thousands.
As I do not have a good idea of flows, I will simply trust the charts and trade off that. In theory 48k would be a good absorption range, but that does not take into account the OTC supply.
Currently there is spot selling into perp buying. Positive ETF flows were also unable to affect price positively during the 51k peaks.
700k BTC was sent to OTC desks. It's unclear if these have been sold or to be sold. This is a large number and quite worrying. This would throw my earlier estimates for price corrections out the window.
I have heard rumors of a multi billion dollar BTC 5 years ago, apparently the purchase was made before 2017, when prices were in the thousands.
As I do not have a good idea of flows, I will simply trust the charts and trade off that. In theory 48k would be a good absorption range, but that does not take into account the OTC supply.
Comment:
This idea is likely wrong, we had huge inflows from Coinbase, pushing price upwards. This maintained demand would negate this idea.