Bitcoin is trying to recover in macro environment that has become a little less hostile. Like the latest inflation print wasn’t so bad. We have also seen the expectation around Fed tightening become less sever. And most important of all the Bitcoin ETF flows have genuinely improved.
Yet the bigger picture remains surprisingly difficult to read.
To understand why, we need to look beyond Bitcoin itself. The way capital is moving across stocks, bonds and gold gives us a much better picture of the forces shaping Bitcoin’s market than looking at Bitcoin alone.
So let’s look at the data.
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