Bitcoin Flows & DeFi Value Are Driving Crypto’s Next Repricing

Um, and then some- something else I saw from this, um, little-known company called Bitwise, this really nice chart, um, showing that the institutional demand, and its institutional demand here is measured by the, um, flows of ETFs and digital, digital asset treasuries.

We are approaching, um, net positive again, and we haven't been at these levels since prior to the 10/10, um, October crash.

So maybe this is another reason for some of this renewed optimism.

Y- yeah, I think that's exactly right.

Look, I think if you think about Bitcoin for the last nine months, you had some arms rowing in one direction and other arms rowing in the other direction.

So you had sort of institutional pulling for a while, and then there were outflows.

Uh, but you had retail selling that was pushing in the opposite direction.

I think what this is pointing out is the combination of strong ETF inflows, strong corporate treasury purchases from strategy via the stretch instrument, and then reasonably strong purchases from long-term holders of Bitcoin, sort of OG crypto.

When all of those are rowing in the same direction, the price goes up, and I think that's what we've seen over the last, you know, six weeks.

And I'm actually fairly optimistic that all of those things will continue.

I feel very confident that ETF flows will continue to be strong.

We can talk about why.

I feel very confident that strategy will continue to issue stretch and buy Bitcoin.

We can talk about that too.

And then I think the sentiment on the retail side has shifted from fear of the four-year cycle to, like, very cautious long-term optimism.

So I don't think that that's gonna be fighting against us as much as it was for the last seven months.

So you add those together and I'm, I'm reasonably, not straight up to the moon, but I'm reasonably positive.