The ETF Momentum Is Back

Bitcoin has climbed from $68,000 to $77,000 over the streak—a 12% move that has coincided almost perfectly with the ETF bid returning. Cumulative ETF net inflows since launch now sit at $58 billion, and total assets hit $102 billion.

The $80,000 Test Ahead

Bitcoin just reclaimed its True Market Mean at $78,100, which tracks the average cost basis of actively transacted supply. This is the first time that level has been reclaimed since mid-January.

The problem is the next level. The Short-Term Holder Cost Basis sits at $80,100, which is the average entry price for anyone who bought in the last 155 days. 

A move above it would push more than 54% of recent buyers into…

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