Net inflow of $250 million in a day is crazy. That is 5800 Bitcoin being taken off the market in just 1 day. Currently 900 BTC is being mined in a day.
Obviously at some point inflows will start slowing down a bit too. But I don't think we're there yet. All the ETF issuers have started marketing their ETFs. Price going up brings more exposure, which brings more inflows, which makes price go up more. Classic bull cycle flywheel mechanics even before the halving.
For references MicroStrategy bought $615 million BTC between 30th of November and 26th of December. If we have 3 days of inflows like yesterday, it will really go crazy.
The amount of Bitcoin float will significantly drop over the next couple of days and once the price starts moving with limited supply left... Things can go crazy.
for low IQ, I would describe it one more time: Market sentiment says: Jan 2023: Another Dip 12k before going a real reversal. Jan 2024: Another Top 50k before going a real reversal
Price action in this range is developing below bear zone but there is still a chance that Bulls can bounce back above blue level.
Few things to consider: - Bitfinex bought at 42.5 - Saylor bought at 42.1 - GrayScale is selling BTC; however, if they stop selling, bull will be back.