grega
BITCOIN FLOWS: Bulls vs Bears
Cryptos are higher this week, they bounced nicely and the main reason was the news regarding the crypto exchange FTX which found nearly $5 billion of liquid assets. This sounds very positive for their clients but it's unclear what is the amount owed to customers. Another reason for higher cryptos is also lower USD and US CPI report where inflation once again comes lower, to 6.5%, so seems like investors are willing to take more risk now as they believe that FED is closer to an ending of a hiking cycle. On the chart below we can also see some increase in liquidations of BTC shorts so some may see this as supportive for the crypto, but notice that at the same time there were also more exchange inflows which is actually a contrarian indicator as some are looking to sell their BTC, which makes sense after this nice bounce. So IMO cryptos can consolidate here at 19k-20k resistance with flows from both sides. Be aware of some short-