Mark Eden
Edited
Morning all. The Bitcoin Conference has finished (27th-29th) and taking another look at the Bitcoin ETF flows and the Bitcoin price action, it looks like the curse of the conference has struck again! I've watched quite a lot of content from the conference and thought it was a decent event, but the sell-the-news reaction is evident on the charts, although it difficult to untangle that from all the stuff also going on about tariffs, China and US deficit fears etc. There were 10 days of consecutive inflows to the Bitcoin ETFs leading into the conference, but then on the day it finished, 29th, we saw a big outflow of -$346.8m. Bitcoin price that day down -2% and that was the third red day, the first red day being the 27th when the conference started. At the same time the $SPX500 (SPX500 Index (Non Expiry)) and $NSDQ100 (NASDAQ100 Index (Non Expiry)) were green on the day and were looking ok until Thursday when markets did start to rollover on more tariff stress. The week ended with the Bitcoin ETFs really giving up positive sentiment and $IBIT (iShares Bitcoin Trust) had an outflow of -$430.8m, it's first outflow in over 30 days. Total outflows for the day were -$616.1m and the whole crypto sector experienced a substantial sell-off. TOTAL2, a measure of crypto market cap excluding Bitcoin, fell -4.17% or $50b to end the week with a whimper. While it was not a great week, for the month the overall crypto market cap is currently up over +10% so no real panic, just a shame to see things fall apart slightly in the wake of the biggest Bitcoin conference so far this year. Thanks for your time. $BTC (Bitcoin) $IBIT (iShares Bitcoin Trust) $SPX500 (SPX500 Index (Non Expiry)) $NSDQ100 (NASDAQ100 Index (Non Expiry)) $ETH (Ethereum)
Like CommentShare
null
.