Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
philipma1957
on 07/09/2024, 18:15:35 UTC
Quote from: DaRude on Today at 05:56:11 PM
Quote from: estenity on Today at 01:22:15 PM
Quote from: DaRude on Today at 04:55:30 AM
Quote from: estenity on Today at 04:31:50 AM
Quote from: Paashaas on September 06, 2024, 05:05:21 PM
Stocks down --> Bitcoin down.

Stocks up --> Bitcoin up.

at least partially true, financial crisis presently brewing, and we know that wall street is now part of us.

https://www.zerohedge.com/markets/kamala-karnage-market-goes-haywire

two days of red markets in one month, yesterday was uniformly red.

warren buffets selling big chunk of big bank, why ?

https://www.zerohedge.com/markets/warren-buffett-continues-dumping-bofa-shares

normally btc should react positively, but ?

In last 10 days, since 27August, BTC ETFs unloaded $1,186B or about BTC20,5k (over 1,5 months of supply just in 10 days). With the whole Durov saga hedge funds might be thinking we're entering the "they fight us" stage and unloading corn.  Very telling that blackrock had 0 flow in those past 10 days except for one day 29Aug where they had -$13,5MM outflow. That is, on 27Aug corn was at ~$62k and today ETFs closed around ~$53,5k and all 0 flow days except for one.

The other issue is the correlation with the "risk-on" assets. This might be part of the "taming bitcoin". As long as funds holding BTC treat it as a risk-on asset it becomes a self-fulfilling prophecy, and traders gonna trade...

1.78 trillion have disappeared from the US stock market in one week

https://nitter.poast.org/WatcherGuru/status/1832156380113014864#m

It's not that the money disappearing from bitcoin is what bothers me, it's the reason. Markets are expecting the Fed to cut at least 25bps in September, and to continue with the cuts, so printer is about to go Brrrr again but BTC ETFs have huge outflows  Huh

We were at $49k in January before the BTC ETFs, since then ETFs sucked up over BTC281k (double the supply) and we almost touched $52,5k yesterday  Undecided

Plus the irony is that the more general funds get into BTC ETFs the more it'll correlate with risk-on assets, and i'm not sure how we could break out of that line of thinking.

btc soon to be slotted in the 49k-73k track till 2028 doom and fucking gloom whoa is us.