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Massive ETF premium in MSTR shares!
Because US government does not allow a bitcoin ETF, the only way investors can buy bitcoin in a US 'exchange traded' vehicle (backed and protected by US securities market and laws) is ... buying MSTR shares ... i.e. buying BTC at a premium.
We have hit the "danger zone" on aggregate OI with this pump- 10B. Read the original post below for more context.
At some point, this 10B level will no longer serve as a top- during strong trending bull markets we can expect leverage to increase and this number to no longer cap our upside- but we don't know WHEN the current correlation will be broken.
For now, we are up against a key level of resistance on what looks to be a push up by fresh levered longs, at a leverage level that has historically marked all local tops over the last 12 months- the time to be cautious is now. $BTC
This idea still stands. I do think testing $25.2K would be bearish and likely cause for further downside.
For me it's either a bounce around this region or we go to ~23-24K.
Just doubt that we'd see $BTC bounce at the exact level which most of the market seems to be anticipating.
say what you want, but this is kinda scary.
past few Lunar Eclipses have led to sharp drops in price, sometimes with the exact date of the Lunar Eclipse marking the top.
Next Lunar Eclipse on May 5th😬
As I've said many times, 21000-21500 is hammer zone (distribution zone)
Distribution phases are made to trap as many longs as possible, while destroying early shorts. This means several pushes into the resistance zone, that strong hands use to keep building their position.