Summary
BTC hits high of $64.5K before rebounding, SOL outperforms. Government sends $2B BTC to Coinbase to sell. Funding rates remain low. ETFs see small inflow, Ark sees outflow. Wormhole W launches at $15B FDV. BTC may reach ‘inflection point’ if it follows rates or gold. Gold & BTC highly correlated recently. Expect slower ETF volume this month. BTC 2x and 3x levered ETFs now available. BTC ETFs now half the size of gold.
Key Points
1. BTC hits $64.5K then rebounds, SOL outperforms. Government sends $2B BTC to Coinbase to sell. Funding rates stay low after sweep lower.
2. ETFs see small inflow, Ark outflow more than GBTC. Wormhole W launches at $15B FDV. BTC ‘inflection point’ if it follows rates or gold. Gold & BTC very correlated for the last year.
3. Expect slower ETF volume this month: Bloomberg. BTC 2x and 3x levered ETFs launch yesterday. BTC ETFs now half the size of gold.