Yesterday I saw that Bitcoin ETFs had an impressive day, with over US$240 million in inflows. BlackRock IBIT alone pulled in US$137.6 million, and Fidelity brought in more US$78 million. That’s quite a bit of institutional volume in a single day, which explains why the price of BTC has stayed steady above US$72 million.

The thing is, while these flows are positive, the technical structure is still a bit unclear. The price of BTC is oscillating between US$72K and US$74K, which has turned into a critical zone. If it manages to break upward, it could reach US$76K and then US$80K. But if it doesn’t hold here, there’s support at US$66K and US$60K lower down. Ted Pillows was warning that after a possible recovery, he expects a reversal, so it’s not as simple as it seems.

What I found interesting is the sentiment in the derivatives market. The big speculators are heavily bought (long), while the commercials are sold (short). Michaël van de Poppe compared this to patterns that appeared before major moves in 2023, but he himself noted that this guarantees nothing—it only suggests that there could be quite a bit of volatility ahead.

So basically: strong institutional flows, the BTC price holding key levels, but a lot of speculation at the top. The US$72K–74K zone is the turning point right now. Above that, the narrative becomes more bullish. Below that, we could see a bigger correction. Let’s see how the next few days play out.