The BTC bull
Can you feel the BTC bull? The perceived BTC bull is “slightly” stronger than the actual. BTC is up ~4% only since November 22, despite the massive inflows. Momentum isn’t as strong as one would imagine, note the RSI fade.
Source: Refinitiv
The ETH bull
Another “perceived bull stronger than the actual bull” chart. ETH is unchanged since early December. The negative RSI divergence has some similarities to what we saw in May.
Source: Refinitiv
Leverage mania
Leveraged ETF rebalance for BTC past 1 week $2B, 100%tile. Do not forget that this works both ways.
Source: Nomura
ETH can too
CME Aggregate Futures Open Interest (contracts).
Source: GS
The Alchemist losing the touch
MSTR – Microstrategy- has managed attracting so many people that do NOT understand what real arbitrage is. Saylor is not conducting arbitrage. Watch MSTR closely, especially as it has been fading the BTC move. MSTR tells you a lot about current BTC “sensitivity”.
Source: Refinitiv
Source: Refinitiv
Crypto flows
Chart 1 BTC, chart 2 ETH.
Source: ZH/Bloomberg
Source: ZH/Bloomberg
Zooming out
Bitcoin cycles for the longer term view…
