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Bitcoin chopped higher again yesterday, it slicing past $126 000 briefly before giving up much of the gains. The lack of a sharp liquidation cascade suggests this was real‑money profit taking rather than a forced deleveraging. Around $122 700–$123 100 there was a thick wall of longs, which likely acted as the gravitational pull during the decline.
This rally has been fueled by spot demand, which is exactly what you want to see underneath price action. The ETF flows back that up: U.S. spot Bitcoin ETFs hauled in $3.24 billion last week, their second‑strongest weekly inflow on record as BTC closed in on its all‑time highs. Ethereum wasn’t left behind, spot ETH ETFs drew ~$1.3 billion, making it one of their top weeks ever.
ETH/BTC jumped 3 %. That move may reflect Grayscale’s launch of staking ETPs for ETH and SOL, plus increased ETH accumulation by entities like BitMine. The altcoin space is behaving unevenly, BNB, for one, appears stubbornly resilient with no signs of rolling over.
We’re not seeing serious reasons to doubt the bullish path for BTC, though, one macro overhang to watch is the U.S. Dollar. DXY just touched a three‑year low. Zoomed out, there’s a clean trend‑channel that’s held since 2008, and we’re now trading near the lower boundary with signs of a possible rebound. If DXY breaks above ~100, it could extend toward ~103, and that move might drag on risk assets, including BTC.
In other asset moves, gold cracked $4 000 on Tuesday as capital flows looked for refuge amid global volatility. Central banks and retail alike are leaning in. While the narrative is strong, I’m cautious, uptrend exhaustion isn’t off the table, even if timing a reversal is tough.
On the geopolitical and fiscal front, hopes for reopening government funding died again, the Senate failed to pass a stopgap bill, for the fifth time, which would have funded operations through Nov. 21. Party lines held fast; Republicans didn’t get the 8 extra Democrats needed to hit 60 votes.
Meanwhile, in a surprise move, Intercontinental Exchange, the parent of the NYSE, disclosed a $2 billion stake in prediction‑markets player Polymarket, valuing it at ~$8 billion. That signals serious conviction in markets tied to on‑chain betting and oracle play.
Crypto Charts
ETF Flow
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