Crypto is cooking today with bitcoin having its best day in four weeks. Bitcoin appears to have broken the recent downtrend and shaken off some worries about crypto ETF inflows.
Bitcoin daily
It’s not just bitcoin either as ETH rises 7% and is trading at a session high.
The FT highlighted a reversal in ETF flows on the weekend in what might have been a jinx. The warning was that pent-up demand has now been exhausted and that the market will be more in balance. Well, evidently not based on today’s price action.
Others have noted heavy shorts in BTC futures. Some think those are hedges but someone is certainly getting squeezed today.