Post
Emilia Johnson
Everyone reads $BTC through the ETF tape. I don't think it's driving this market.
Oct 22: spot ETFs lost $635.6M, the biggest outflow since June, erasing 59% of the prior three days' $1.07B inflow. Price is still ~$82K, inside the $80-85K range.
My view: ETF flow follows price here. Derivatives set it.
Test: Oct 30, ~140K BTC options expire near $80K.
Wrong if $500M+ ETF days stack up and break the range.
At $80K, do ETF buyers defend or sell?
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