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Before the drop, I was looking a Puell Multiple, about which I have already posted about a few months ago.
For clarification, puell multiple is a metric defined as the ratio of the daily value of the issued BTC, devided by 365 moving average of the daily value of issued BTC.
The Puell mutliple dropped from 2.63 to 0.65 after the halving. The value of Puell multiple with BTC at 63k is at the similar level as when BTC was 22k. The longterm outlook of this is bullish.
Yestedays ETF Flows came in at +$378.3M.
Big inflow as we were expecting already, seeing the Coinbase bid all day and premium getting green.
IBIT saw net flows of $12.7M. FBTC saw net flows of $102.6M. GBTC Saw $63M in inflows! First time ever since converting into an ETF that it took in money.
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💊 Stack sats $BTC
For me is very hard, even with the above average results, to gain better profit than BTC alone.
Only at 7D time frame our strategy is showing better results than BTC itself.
There is many reasons for that. One day i will need to seriously think about them.
6/6
Lastly, US M2 Money Supply started to increase. The money printer is about to go brrr and this is likely the most important macro thing you should be looking at👀
Have a great weekend and we will be back with you on Monday🙌
P.S. We are testing some changes within the company so from now on, expect morning updates to be posted around 8 AM UTC 🕤 And sorry for the wrong order of the posts today🤦♂️
5/6
According to Bitwise CEO, $6 Billion + wealth management firm will be buying their ETF over the coming weeks. The big boys are starting to enter the arena🔥$BTC
4/6
13F filling also revealed that Europe's second-largest bank, BNP Paribas, bought BlackRock Bitcoin ETF shares🤔$BTC
3/6
Meanwhile, Jack Dorsey announced that his company Block will start to buy Bitcoin every month with 10% of its gross profit from Bitcoin products💪
The list of buyers is expanding, Microstrategy, Tether, Block… do you see where this is going😉$BTC
2/6
Looking at the whale addresses, we can see that they were busy buying the dip when the price was below $60k. On May 2nd, the whales bought more than 47,000 $BTC 🔥
This is a very great sign, again suggesting continuation👌
1/6
Morning update:
Bitcoin nicely bounced from the lows and is looking good. Coinbase Premium is again positive, suggesting strong buy pressure from the US. This can be further confirmed by looking at the ETF flows. Yesterday was a miracle as GBTC saw inflows for the first time. They brought in $63 million for a daily netflow of $378 million💰
As you can see we are now trading just below our trackline👀$BTC
