Bitcoin sulks. He refuses to repeat his old shows, snubs his past peaks and broke the new records cold. He made his diva, mired in a lethargy which leaves the traders perplexed. But while everyone scrutinizes the blockchain with a magnifying glass to read the signs of a next Bull Run, a much more discreet truth is emerging: the small carriers are already there … but in stealth mode, hidden behind ETFs.
Bitcoin: the great Théâtre des ETF has already started
Would analysts scrutinize the chain as a crystal ball would be doubled by their own tool? Ki Young Ju, the cryptocurrency boss – the one who recently announced the start of the Altcoin season, thinks yes. According to him, ” The absence of Retail On-Chain activity no longer means anything ». Small investors, far from having deserted, simply faufilés through the stolen door of the ETF.
These financial vehicles, which are certainly more regulated, do not appear in the usual on-chain indicators, but concentrate Almost 80 % of the flows of Bitcoin ETF spot.
“” Retail is already participating, but on the paper layer », Let go, speaking of Cnew investment pathsinvisible to the old barometers on the market.
Clearly, those who are still waiting for a rush of individuals to embark on BTC trading could well miss the train. The game has changed, the rules too. And yesterday's stars indicators – Fear & Greed Index, Google Trends or popularity of Crypto apps – lose their biting. Besides :
- The Crypto Fear & Greed index fell to 31 (area of fear);
- Google research on “crypto” has dropped 62 % since January;
- Bitcoin remains at -22 % of its last ATH.
THE weak signals Are there, but what do they really say? Should we rewrite the manual of the perfect crypto-trader?
BTC trading, between wilted hopes and evaporated liquidity
The current fresco on the market looks like a poorly hung cubist painting: a little volume here, ETF there, and above all … a sacred failure of inspiration. Or rather liquidity. For Ki Young Ju, the signal is clear: The Haussier cycle is finished.
It is not a crash in good standing, but ratherA long horizontal tunnel. Translation: between 6 and 12 months of waiting before a new High All-Time.
The most worrying? L'absence of new sources of capital. Three consecutive weeks of negative flows on ETFs, and significant volumes that were not enough to break the resistance around 100,000 dollars. A bad sign for traders accustomed to surfing the wave of new entrants.
“” I'm not going to Shorter le Btc, but I'm not going to sell hope either ».
In an uncertain macro climate, Without injection of fresh capitaleven the most reckless end up storing their graphics.
When will the whale return? Will rates drop enough to revive the Crypto market? And above all, will the next increase really come from individuals, or from another even more unsuspected actor?
As a conclusion, let us recall that Bitcoin is going through an unprecedented crisis, according to Glassnode. A period of scarcity where the lack of fresh capital prevents any real outbreak. The Bull Run seems to be tidy in the closet … for now.
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