Crypto — It’s Really That Easy

Staying bullish despite miserable chopsolidation, white-knuckling putrid dips, airdrop farming chicanery, NGMI Capital updates and more.

There are many reasons to remain bullish in the face of nearly three weeks of ‘chopsolidation.’

The first is demand for spot Bitcoin ETFs is still very much present and the new holders seem to have made peace with volatility.

The vast majority (95%) of the new Bitcoin ETF buyers (excluding paper-handed GBTC shareholders) held through what ETF analyst Eric Balchunas described as a “pretty nasty and persistent downturn.”

Friday was the first day that all eleven Bitcoin ETFs posted positive inflows since their inception back in January — the HoF level of which is painted nicely below.

I swear I say this every few days but ETF inflows are not catalysts for price action. They should be viewed more as backstops (something that places a sturdier floor below the overall price action).

They are also an extremely good barometer of market sentiment and gauge of general institutional…