🚀Legislators Unite

A few weeks of limited volatility and ranging between the $60k and $67k range for Bitcoin are keeping traders in suspense. This was well captured by a few days of relatively low inflows/outflows to the Bitcoin ETFs over the last week. The trend seems to have turned however as this week saw $726m of inflows so far. In times of little price action, crypto traders tend to become macro-economists and Federal Reserve lip-readers. One topic to catch attention was the growth of US M2 money supply turning positive for the first time since November 2022. This indicates a loosening of monetary conditions which has historically correlated with a strong performance for Bitcoin. US Equities markets forming all-time highs has further supported optimism. Markets are also further pricing in rate cuts due to weaker jobs and inflation numbers.


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