Bitcoin spot ETFs see 8 consecutive days of inflows ⏫

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious 🙏 

• BTC broke the key $62,400 level, but failed to re-test and hold it as support.

• The 200 Daily Moving Average at $62,000 is now a crucial level to monitor for Bitcoin.

• A failure to hold this price as support would mean more consolidation for BTC.

• It is wise to not take any new leveraged positions till this moving average support is confirmed and till BTC dominance reverses it’s uptrend.

• A weekly close above $62,000 would mean that the bulls are trying to show some strength.

• However, if this level is lost on the weekly close, bears would be in control once again.

BTC Spot ETF Inflows Steadily Accelerate ⏫ 

U.S. spot Bitcoin ETFs saw $202 million in net inflows yesterday, marking eight straight days of positive momentum.

Over the past eight trading days, these 12 funds have attracted $756 million, with total net inflows reaching $18.08 billion since January.

Meanwhile, U.S. spot ether funds remained on the opposite track, reporting their eighth consecutive day of negative flows. They have accumulated total net outflows of $477.88 million.

The ETH/BTC ratio remains on a downtrend, currently struggling to hold the 0.041 level as a support. A breakdown of this level could lead to ETH capitulating against its BTC pair, irrespective of Bitcoin’s price direction.

Robinhood X Solana ⚡️ 

The Solana network is now live on Robinhood Wallet, with the self-custody wallet available on iOS and Android.

Starting today, users can self-custody their Solana tokens and send + receive them over the Solana blockchain.

This is a huge boost for it’s already thriving ecosystem that has over $9.8 billion in total value locked and more than 1.99 million daily active addresses

📕 Educational

Putting a rest to the “left translated” or “accelerated cycle” theory.

We are "NOT" in a left translated accelerated cycle, and this time "DOES NOT" seem different.

Despite a 168-day consolidation since BTC's all-time high of $73,800 in March, it's still outperforming previous cycles.

We are currently ~640 days into the cycle, with typical returns from cycle lows after 640 days as follows:

👉 2015-2018 cycle: +200%

👉 2018-2022 cycle: +227%

👉 Current cycle: +300%*

Despite the sideways price action, BTC is still comfortably ahead of where it typically should be at this stage.

This puts the idea of an accelerated / left translated cycle to rest, unless BTC rallies and tops in Q4 2024, which seems highly unlikely as of now.

We view this correction and consolidation to be very healthy for the market, and are certain that the best of the bull-market is yet to come in Q4 2024 and early 2025.

📊 Stat of the day

📈 Chart of the day

Rationale & Confluences

• Ascending triangle breakout re-test

• 4H horizontal support

• Stochastics oversold

• RSI in buy-zone

• 4H equilibrium support

• Source : Cointraction

🤣 Meme of the day

Accurate 🤣 

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.