Today, Cryptomartin shared an excellent post highlighting bitcoin spot ETFs fund flows. The crypto enthusiast writes,
“Spot Bitcoin ETFs hit $14.8 million daily net inflow, first in 5 trading days. Spot Bitcoin ETFs breakthrough with a $14.8 million net inflow on the 11th trading day. GBTC sees reduced outflows at $255 million, but total outflows remain over $5 billion. Pre-ETF launch, GBTC’s BTC balance drops nearly 20% to 506,000 BTC.”
Without going into too much detail, let’s look at how some of the crypto charts look as we transition into the weekend.
Bitcoin
Bitcoin’s hash rate has been on a tear, with a staggering 600% increase in just two years. 😲
The hash rate, which measures the processing power of $BTC‘s network, has been on a steady upward trajectory, indicating a robust and healthy network. This increase is a testament to the growing number of miners joining the network, despite the market’s volatility.
Relative Rotation Graphs (RRG) help us visualize how a currency or sector performs compared to a benchmark – in this case, the U.S. Dollar Index (DXY). Think of the four colored sectors as stages in a race:
Leading Quadrant (green) – You’re a champ! 🏆 You’re ahead of everyone else, and the crowd is cheering. But watch out; you might be overdoing it.
Weakening Quadrant (yellow) – You’re slowing down 😓 and losing your lead. Maybe you’re a bit demoralized because your biggest fan didn’t show up. You’re now in the middle of the pack.
Lagging Quadrant (red) – Disaster strikes! 😱 You’re injured, exhausted, or just made a big mistake. You’re now in last place, and it’s a sad scene.
Improving Quadrant (blue) – Time for a comeback! 💪 Your motivation returns, the music swells, and you’re picking up speed. You’re back in the middle, catching up with the leaders.
The Good
We’re revisiting the NZDCAD pair from a few weeks ago.