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Stacy Muur

06/15 15:50

BTC is now cheaper to buy than to mine.

That is the first of several bullish signals.

Miners don't prefer to mine BTC at a loss. When the process becomes unprofitable, they stop mining and wait for more favorable market conditions.

The same direction shows up in the rest of the data as well:

1. More than half of all BTC is sitting at a loss, which usually means sellers are exhausted

2. Lifetime inflows are still ~$55B, even after the worst ETF outflow stretch since launch

3. @BlackRock just filed for a yield-paying BTC ETF, which would open the door to a whole group of buyers who were sidelined

Ngl, demand is still missing. But that's normal when the Fear & Greed Index at 18 is still signaling extreme fear.

Too many signs for me to ignore.
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