Stacy Muur
06/15 15:50
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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