Hello!
Last days we've seen the ETF inflows decrease to the point they became negative.
Sometimes an image is better than a thosand words:
The last month's price appreciation of Bitcoin looks correlated to the ETF inflows. The current correction too. So, I assume that the ETF inflows are one of the main drivers for price. I will be monitoring this metric daily.
The best part is that the outflows doesn't come from new buyers, they come from speculators that were holding Grayscale prior to the ETf approval.
Grayscale currently holds 360,000 Bitcoin. At this rate they will be out of Bitcoin in 5 months, but there would be a point before, were they outflows will start to become irrelevant. If I had to say when, I would say not later than 2 months.
I expect some turbulence in the coming weeks until Grayscale gets without Bitcoin to sale. This will bring us to the magic point were the supply on exchanges will dry faster than ever. In addition we will have half of the supply created each day. All of this makes a perfect cocktail for an explosive bull market.
I have been in this space since 2017 and I have never been that excited. I can't wait for all of this to happen, I will enjoy every fucking second of this wild ride.
Have a great day!
Posted Using InLeo Alpha