$BTC holds near $63.6k as weak spot liquidity, ETF outflows and loss realization keep conditions subdued. Stabilising capital flows suggest selling pressure may be easing, but conviction remains limited.
Read this week’s Market Pulse👇
Read this week’s Market Pulse👇
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$BTC outperformed the stock market today.
This has become a less common occurrence lately.
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In fact, BTC only outperformed the S&P500 on around one third of trading days over the last 3 months.
This is the longest underperformance streak we've seen over the last 6 years of history. The question now is whether this is the start of a trend or just one of those 3 days.
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This has become a less common occurrence lately.
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In fact, BTC only outperformed the S&P500 on around one third of trading days over the last 3 months.
This is the longest underperformance streak we've seen over the last 6 years of history. The question now is whether this is the start of a trend or just one of those 3 days.
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$BTC is underperforming the S&P 500 on 2 out of 3 trading days.
However, when BTC does outperform, the excess returns (green) are significantly larger.
Also noteworthy is that these excess returns have been slowly degrading over the years.
https://twitter.com/glassnode/status/2089442880255607037
However, when BTC does outperform, the excess returns (green) are significantly larger.
Also noteworthy is that these excess returns have been slowly degrading over the years.
https://twitter.com/glassnode/status/2089442880255607037
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$BTC has held Defensive for two weeks, 30/100 on the Glassnode Market Compass.
Macro did the lifting, +24 on the month. Valuation stays at the cycle's discounted end, 16/100.
Cheap and improving. The missing leg is flows, light at 30.
Read it daily:
Macro did the lifting, +24 on the month. Valuation stays at the cycle's discounted end, 16/100.
Cheap and improving. The missing leg is flows, light at 30.
Read it daily:
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Elevated yields keep BTC anchored near cycle lows while gold and oil rally. Price sits below two key cost bases in a shallow capitulation. Perpetual demand improves but US spot lags and volatility compresses. The bottoming process is underway.
https://x.com/i/article/2090109283220299776
https://x.com/i/article/2090109283220299776
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@blocks and @Tesla are the top 2 major companies still in profit on their Bitcoin treasuries.
Nearly every other company on the list is now below or at its cost basis.
Also worth a mention is Bitcoin Group SE, a close third.
https://twitter.com/glassnode/status/2090035547364528559
Nearly every other company on the list is now below or at its cost basis.
Also worth a mention is Bitcoin Group SE, a close third.
https://twitter.com/glassnode/status/2090035547364528559
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Our liquidation heatmaps showed a massive short liquidation build-up before $BTC's move up yesterday.
For anyone using our hyperliquid heatmaps, the asymmetrical weakness was obvious up to 10 days before the actual move.
https://twitter.com/glassnode/status/2090110942789210113
For anyone using our hyperliquid heatmaps, the asymmetrical weakness was obvious up to 10 days before the actual move.
https://twitter.com/glassnode/status/2090110942789210113
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High conviction buyers have been accumulating $BTC since January.
We saw similar behavior in 2022.
This cycle, the share of supply that was bought by this cohort is even larger than last cycle.
https://twitter.com/glassnode/status/2089739670242660761
We saw similar behavior in 2022.
This cycle, the share of supply that was bought by this cohort is even larger than last cycle.
https://twitter.com/glassnode/status/2089739670242660761
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$BTC has erased 3 months of underperformance against the S&P 500 in the last 72 hours.
As we showed several days ago, stretches of relative BTC underperformance are common.
However, when BTC does outperform, the excess gains tend to be significant.
https://twitter.com/glassnode/status/2089664677177700620
As we showed several days ago, stretches of relative BTC underperformance are common.
However, when BTC does outperform, the excess gains tend to be significant.
https://twitter.com/glassnode/status/2089664677177700620
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#BTC investors are paying up for upside exposure.
25-delta call vol has been outpacing puts at every maturity since the breakout.
Skew is at its lowest of the year across the curve and flipped negative on the front end.
https://twitter.com/n3ocortex/status/2090786305105973305
25-delta call vol has been outpacing puts at every maturity since the breakout.
Skew is at its lowest of the year across the curve and flipped negative on the front end.
https://twitter.com/n3ocortex/status/2090786305105973305
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