Though they report on record outflows, interestingly, CoinShares is trying to hype up long ago inflows into Bitcoin of 2021 (See: Record $141M outflow from Bitcoin products signals institutions are bearish on BTC: CoinShares). What matters is what has happened since the all-time high and not what happened between Jan 1 and April 14.
BTC has stalled between $37k and $32k for weeks now is a good sign that smart big players are exiting their positions by releasing tension (buying on little volume pushing up price) and then selling even more at the pushed up price to the lambs who think BTC has hit the bottom. That has been going on for two weeks now.
BTC looks like it is headed for downtown. It remains to be seen if it will ever regain its standing to head back uptown.
In the last six months, ordinary people who have sizeable 401Ks have caught wind of crypto. They see a fundamental difference between smart blockchains like Ethereum and Cardano and Ponzi coins like DOGE and SHIBU INU. They are starting to see that Bitcoin is much closer to the latter being that it runs on a dumb blockchain and it is fairly useless for every commerce.
If I were betting, I would bet that it is likelier BTC hit $10,888 than it will revisit $64,829.14.
Since BTC fell in a big way on the day the U.S. government announced the worst inflation news in 30 years, BTC can be dismissed now as an inflation hedge. Those who have touted BTC as an inflation hedge have been wrong, massively so.
Since BTC is useless as a medium of exchange fo the majority of commercial transactions since it takes forever to write to its blockchain, one must ask oneself, what is the purpose of BTC? What is its use case? It sure looks like ever more of a Ponzi scheme.
Owing to smart blockchains supporting smart contracts, Crypto has a massive upside going forward. The winners likely will be ETH, ADA, DOT, and MATIC.
As the Model T Ford of Crypto, Bitcoin likely has a sunsetting future.
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