ETF is the reason however it also means that the support is not strong much, so we are not still ready for the next run. Particular reasons are just like starter.
The argument that starting bitcoin futures contracts on 12/17/2017 explains the ramp up to and decline from that date seems sound. Just look at bitcoin on the 3 day scale of bitcoinwisdom. This July pump and August dump seems clear.
Money is essentially going out rather than in. Are miners always harvesting then immediately cashing in? Wonder what fraction of trading that volume accounts for.
But, why would the ETF (whatever that is) cause an increase in bitcoin market cap if money is going out not in?
If the fiat financial world looks at cryptocurrency as a cash cow that can be milked with programs and schemes presently in use in the fiat financial world, then an ETF will just make matters worse.
soy39 (soy)