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Almost all of the profit taking is coming from the 1w-3m cohort.
Long-term holders have barely sold a coin, and loss-taking is the lowest in almost a year.
The supply side is running on empty, which is exactly how 2023 started👇🏼
onchainmind.io/research/long…
Bitcoin is stretched toward the top of its σ Trading Channel, with the mean sitting around $80.5K.
A short-term move back toward the mean wouldn’t be a bad thing, just normal mean reversion after the recent push.
Alpha Flow has flipped bullish in the mid-$70Ks, its first bullish signal since the bear flag at $102K on the way down.
It fires rarely, but when it does, the trend tends to stay firmly intact.
Bitcoin just saw $1B of ETF inflows in a single day, the 7th largest ever recorded.
A few months ago, holder profitability was at historic lows.
Price is now +45% off that low.
This is a remarkable shift from deep capitulation to major institutional demand👇🏼
Bitcoin has reclaimed all three key pricing levels, profitability momentum has flipped positive for the first time in over a year, and we had the biggest counter-bear rally for nearly 10 years.
These flips have marked the start of every previous bull market, is this time any different?👇🏼
piped.video/3oKNkveBKMY?si=fTF0…
The average Bitcoin ETF cost basis is $84K.
This is a major psychological price level, and how price behaves around it will tell us plenty about the next few weeks.