ETF owners sell hardest near break-even
BTC was rejected at the 200d MA like in past bear rallies, but the current pattern is different, we still expect that the cycle low is behind us. BTC ETPs bled 24,303 BTC this week, and we find evidence that ETF holders sell the hardest near break-even.
Preview
Rejecting the 200d MABTC fell 6% this week as macro conditions tightened, with higher U.S. yields, rising oil, fewer expected Fed cuts, and renewed Trump threats toward Iran weighing on risk appetite. The CLARITY Act passed the Senate Banking Committee, but the regulatory tailwind was overshadowed by macro pressure. 30-day funding rates have been negative for 81 consecutive days, seven off the record, while C
