Galaxy says Bitcoin is in accumulation phase as ETFs add 87K BTC since June low
- —BTC reclaimed its 50-week moving average and closed above it for a fifth straight week
- —ETF holdings fell only 11% from peak while Bitcoin dropped 53%
- —A weekly close below $76,540 that isn't recovered within a month would invalidate the thesis
- —Jason Calacanis expects ETF outflows to continue and a retest of $57,000
Why it matters: Galaxy's call gives institutions a reference point: holding the 50-week average and ETF inflows will decide whether the recovery extends.
Source: Crypto Economy