Viewpoint: The current focus should be on ETF net inflows and the size of spot exposure.
BlockBeats News, on October 6, on-chain data analyst Murphy stated that by analyzing the unrealized profit and loss ratio (UPUL) on the bitcoin chain, under normal circumstances, the higher the price, the greater the UP, and the larger the UPUL. However, the current situation is that with higher prices, the UPUL is actually lower, which indicates that the market's upward movement is increasingly dependent on the continuous inflow of new funds, rather than the holding confidence of existing tokens.
Therefore, it is necessary to pay close attention to ETF net inflows and the size of spot exposure. Once inflows slow down, short-term rallies will be limited. Swing traders have started to take profits in batches, which is reasonable. At the same time, there have been no obvious signs of a bear market so far in this bull cycle.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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