Since October last year, 64,100 BTC have been withdrawn from U.S. spot ETFs. At the same time, the $100K level remains a breakeven zone for large players. Holding a losing position throughout an entire bear cycle is economically irrational - Grayscale proved this in the previous cycle.
So what narrative actually justifies buying at $100K right now?
The full on-chain breakdown is available in this Sunday’s Bitcoin Deep Research, together with the latest Adler Strategy update. 👇
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Since October last year, 64,100 BTC have been withdrawn from U.S. spot ETFs. At the same time, the $100K level remains a breakeven zone for large players. Holding a losing position throughout an entire bear cycle is economically irrational - Grayscale proved this in the previous cycle.
So what narrative actually justifies buying at $100K right now?
The full on-chain breakdown is available in this Sunday’s Bitcoin Deep Research, together with the latest Adler Strategy update. 👇