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Miners all surging - thats a few days now of positive pressure. Bitcoin pushing past late 63k resistance but will FOMC comments today derail this or really pus hit on?
Glad you are up :-)
Remember though , often people say "stop looking short term, zoom out" regarding shares and miner performance etc. This is true BUT it can be quite annoying, especially if you only took your position more recently so are not sitting on a nice overall profit from further back.
BTW anyone who has DAGB LSE based Blockchain ETF for a bit more diversity - its just been rebalanced - new % holding details are here:
https://www.vaneck.com/uk/en/investments/crypto-etf/holdings/
So looks like the lowest one day inflow to blackrocks ETF yesterday has spooked the market. Two days of big Grayscale dumps also not helping. One does have to look at the last two days of volume for Blackrock and ask questions how one day it can be 400m inflows and the next day 70m when the volume was even higher yesterday. Something does not add up here. Most of the money going into the spot ETF's is going in to stay - not be flipped so I would expect to see the inflows jump in the next few days or we get some news explaining why not.
Grayscale will finish dumping at some point and I forsee more money flows into the ETF's ads more and more RIA's open up - looks like everything might align at the halving.
The more positive trend seems to be the miners are holding on pretty well bearing in mind a near 18% btc drop from the high. The last few days maybe rotation out of Microstrategy and into the miners?
I got a feeling that when we get back to 70k bitcoin price the miners will be far higher in price than they were last time we hit 70k.
Just a case of waiting now or DCA if you have any money left on the sidelines.
Still looking weak short term - not a good start to the week. Blackrock btc etf inflows over $400m but massive Grayscale dump of $642m caused net OUTFLOWS of $154m.
Just as the miners were starting to recover, not looking forward to pre market opening values 😔
Well long term view aside - its still amazing to watch this short term action - bitcoin, MSTR and all the miners dump as one - even with Nasdaq and S&P500 ripping. Just when you think you understand - you are reminded that you dont.
Bitcoin looking the weakest I've seen for several weeks now. Despite all the "its going to $100k before the halving" youtube nonsense it would seem many are not convinced of its level currently and the bearish momentum continues. A shame as miners were looking strong on Friday. On the flip side its moving back more in line with the existing models pre ETF's which could lead to a more sustained parabolic move later.
On average the first few days of the week are the strongest for the ETF inflows so lets hope for a bit of a recovery else the second half of the week could be very disappointing.
I think its a fairly full calendar of economic data so one way or another expect some volatility.
Jamins - although i would not have voiced it quite like that i totally agree.
Bitcoins wobble has been a joy this weekend, 64k depression has morphed into 68k recovery which will probably get back to 69k by tomorrow to adjust back to Fridays futures close price. At least thats what happened past few weekends…
Ok something is really weird with bitcoin price - that spike to 70.5k has been crashed back down asap with consistent volume... someone does not want the price to come back up yet for some reason...
Wow - that pop over 70k came out of nowhere - perfect timing just before the US close - hopefully a short squeeze on the miners incoming
Filter each other - or just admit you are both enjoying this :-)
So for transparency I bought MARA last night at $18.09 and MARA just now at $17.95 on the bitcoin dip. Still have my MSTR and DAGB holdings but thats it now - no more powder, its sit and wait until halving time for me.
Hoping now for bitcoin to do its thing and spring back up with a short squeeze and with it bring with it huge inflows into the ETF's today :-)
(Blackrock already at 7.6m volume after 25 mins !)
Or it could just dump again later as the general markets are red :-)
Spitfire - either
1. You are holding still and losing money hand over fist and are trying to take your sh*t out on us rather than take responsibility for the mess you are in - despite countless warnings…or
2. You are not invested in which case why are you reading and posting on this board you total hypocrite?!
Which is it? (Of course you wont read this as you’ve gone off in a strop)
Today is going to be a strong test for bitcoin - people were wondering if huge dumps were a thing of the past now with the steady inflows of the ETF's - This could get very nasty very quickly (but would follow previous cycles if it does). Zooming out its still only taking us back to a week or so ago but still.
Could we see ETF outflows today or a massive buy the dip and rally into the weekend?
So despite monster volume yesterday for the ETF's the actual inflows were small at $132m although BITB does not look like its reported anything yet.
https://farside.co.uk/?p=997
Now comes the test - will btc bounce back up from 67k or will the ETF's hands be weak and they sell and we have a negative outflow day and the problem compounds but in the other direction.
When I went to bed it had recovered to 71.5k after yesterdays dip into the 68's and the bloodbath in the US miners and microstrategy was starting to go back green so I was quite looking forward to seeing what it was this morning - urghhh- goodness knows what they will be today... buckle up.
If bitcoin goes back over $72k , watch MSTR go nearly flat but all the miners stay 8% down.
Its just showing me clearly its still not the time to rotate out of MSTR into MARA
Argo 11.5p now - my lord if there is anyone still holding on and reading this ... please have a think about preserving at least some of your capital.
Oh dear - inflation number was not good - down goes all the miners and btc.
Actually even with awesome inflows again yesterday to the ETF's >$600m, its good to see bitcoin consolidating around $73k - dont want this overheating anymore than it already is.
Im now in "when to switch from MSTR to MARA" watch. I bought MSTR on 5th March and its currently up over 50% since then - probably one of the best results I've ever had in such a short period of time. Even today its up 2% in pre market and bitcoin is down - just crazy. I expect to get an annoucement shortly on the other $500m MSTR is going to buy bitcoin with.
I know many are waiting for the halving before tapping the miners again but I got a feeling this entire cycle being left translated might mean the miner catch up will probably happen before then - but Im loathed to sell my MSTR just to see one more leg down on the miners - especially if bitcoin has one more wobble.
Argo braking down into the 12ps now. Onwards and upwards... errr...
You might want to add a “K” to the subject 😂