Good morning, team!
Seven straight ETF sessions in the green should normally be a very bullish backdrop. Last week alone, nearly $2.39B flowed into US Bitcoin funds.
But price is telling a more complicated story.
BTC pushed above $85K over the weekend and then gave almost all of that move back, returning to roughly $83K. The institutional bid is clearly there, but so is a growing macro headwind.
🛢 Brent has climbed back toward $107 after another setback in US-Iran talks. Higher oil is pulling inflation concerns and bond yields back into focus, while the dollar remains close to its strongest level in two months.
That makes $83K more important than another headline about ETF inflows.
If buyers defend this area and BTC gets back above $84K, I’ll watch for another test of $85K. If $83K fails cleanly, the market may need to correct further before the ETF demand starts showing up in price again.
This week should answer an interesting question: how much institutional buying does it take to overpower rates, oil and a stronger dollar?
PROtrading ☄️