Bitcoin Lacks Sentiment
ByteFolio Issue 225;
Bitcoin’s ByteTrend Score drops back to a 3 on the daily chart. It is a gentle easing following a strong move in August.
Bitcoin Daily
The disappointment about this rally has been the sentiment. Flows into the Bitcoin ETFs reached 50k BTC ($3 bn), which is good but could have been stronger.
Bitcoin ETFs
Curiously, the “buy bitcoin” search term has also failed to spark. The trend may only flag at all-time highs, and it may be far too early for the crowd to be interested in Bitcoin.
“Buy Bitcoin” Interest Falls Flat
There’s also the wider malaise of the equity market where the most excitable (high volatility) stocks are correcting, which Bitcoin has historically been linked to. This time, it peaked a little early. General market sentiment is shifting and weighing on growth stocks.
Bitcoin vs High Volatility Stocks
In a piece of good news, crypto ETPs, including Bitcoin, Ethereum and BOLD (21Shares Bitcoin Gold ETP), are now available on Hargreaves Lansdown, the UK’s largest retail broker. A note for UK residents is that these products cannot be held in an ISA at Hargreaves, but they can be held in an Innovative Finance ISA (IFISA) at Stratiphy.io.
