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Enter Ether: Notorious countertrade indicator Jim Cramer may have tweeted that BTC's top is in, but the statements have done little to bolster price, with BTC down 6% on the day. Cramer has spoken, so why aren’t we pumping?
Bitcoin has demonstrated tremendous weakness against alts since dominance peaked on Tuesday, with BTC falling a further 4.6% against the total crypto market cap, excluding BTC, today, for a total loss of 12.6% over the last four days.
Despite the impressive $721M that flowed into BTC from ETF creations yesterday, today’s sell-off is a result of the demand for Bitcoin spot products failing to live up to the market’s expectations for inflows, an understandable disconnect given the extreme level of bullishness crypto has displayed over spot ETF approval.
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