Bitcoin $BTC Fundamental Analysis from Coach Desk

The BTC spot ETF has been around for about 110 days, and we’ve noticed some interesting trends. For instance, trading volume tends to be lowest on the last working day of the week, indicating weak buying power. In contrast, the first working day sees better volume and stronger purchasing power.

Over the last 24 hours, despite a net outflow of funds, Monday’s figures are quite impressive compared to last Friday. Out of ten funds, six experienced outflows while four showed no change. Only GBTC and Fidelity saw significant outflows, with the latter losing less than 110 BTC. Five other ETFs actually had net inflows, although totaling just 306 BTC.

Interestingly, three major institutions including BlackRock didn’t add new listings, suggesting that buying power is really low. Even the launch of spot ETFs in Hong Kong and efforts by $MSTR haven’t boosted market morale much.

The market is currently sluggish, with low liquidity and a lack of compelling narratives, which seems inevitable. BTC’s price has surged past $61,000 again, but without widespread panic or a mass exit by investors, the market isn’t in a full downturn. Therefore, despite the low liquidity, I wouldn’t recommend short-selling at this time.

If the price drops below $60,000 and investors start to panic and exit, it could be tough for the market to bounce back.

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