Bitcoin – Steady as She Goes
Disclaimer: Your capital is at risk. This is not investment advice.
ByteFolio Issue 160;
Bitcoin has scored 5 on the daily ByteTrend for over a month. The trend is calm and just 15% above the 200-day moving average. This is a steady state that is looking decisively institutional and nothing like the Bitcoin with a glorious past.
Bitcoin – Steady as She Goes
The institutions are getting the point. Bitcoin in Nasdaq is now above 5, and despite a modest pullback as tech rallied yesterday, Bitcoin is steadily gaining ground.
Bitcoin in Nasdaq
And the institutions are buying as marked by the flows. Bitcoin has seen them add $5 billion over 90 days, which is light compared to the corporations.
Bitcoin and Gold ETF Inflows in USD
MicroStrategy and the 122 copycats who are adding Bitcoin to their corporate balance sheet seem to have captured investors’ imagination more than Bitcoin itself. Strange old world, but this force is quashing Bitcoin’s volatility.
Yet the ByteTree Crypto Average now has a ByteTrend score of 4, which could mean an alt rally is on the way. Never say never.
ByteTree Crypto Average (BCA)
