Local BTC Price Tops Warning: What Traders Need to Know

Why is a Bitcoin Trader Skew Warning of Local BTC Price Tops?

Popular trader Skew warned of a “headline curse” in his most recent research on X on July 23, as US spot Bitcoin ETFs received over $500 million in trading volume. This week has seen a rise in interest in Bitcoin ETFs, but Skew noted that these positive developments are not likely to last. He issued a warning after the BlackRock iShares Bitcoin Trust (IBIT), the biggest US spot ETF, experienced $526 million in inflows on June 22 alone. He pointed out that historically, days with such high inflows have followed sell-offs in BTC prices.

As bullish as this is each other time IBIT reported mid-high 9 fig inflow days it occurred around market supply zones,

Skew

$533.6 Million Inflows in US Spot ETFs on July 23: Potential Market Implications

Data from various sources, such as the UK-based investment business Farside Investors, indicates that the net flow total for US spot ETFs on July 23 was 533.6 million, the highest amount since March. The market dropped approximately 25% between March and when BTC/USD reached its all-time high, which remains today.

So in terms of actually trading this, the obvious part is now does the market sustain this demand & momentum for higher prices,

Skew

He emphasized that in order to maintain existing levels and potential increases, there must be consistent demand for spots, spot takers absorbing supply, and total seller absorption.

FAQ

For more up-to-date crypto news, you can follow Crypto Data Space.