Hello!
What are the ETFs doing in this Christmas period? Are they buying or selling Bitcoin? They are on holidays?
Well, let's take a look at the data from heyapollo, my favorite Bitcoin ETF tracker website.
Ups! the website is not updated with last weeks data, so I've had to check this website to see the current flows: https://farside.co.uk/btc/
Take a look at this chart:
They are selling!
Bad news, the last 4 days we've seen outflows from the ETFs. This could be the reason we have not gone over the $100,000 mark again. But, don't worry. It's normal that we see some outflows before the year ends. People are selling some of their positions to finish the tax year. Depending on the performance of their portfolios some people need to sell the positions to avoid overpaying in taxes.
I assume almost all the activity is just for this reason. The good news are that in 5 days we'll be in 2025 and a whole new year is upon us with lot of potential!
Donald Trump will take office and he has on his team a lot of pro crypto regulators that will help build a good framework that will encourage crptocurrency business to keep pushing forward. This could very easily translate into a catalyst for the new expansion period, specially if we get the Bitcoin strategic reserve in Q1.
Exciting times ahead!