Spot ETF outflows persist; combined with cooling funding rates, immediate >88k looks untenable. MVRV Z-score signals overheat, triggering LT HODL distribution. No institutional demand surge by May 8. 90% NO — invalid if daily ETF net inflows exceed $1B for 3 consecutive days.
Spot ETF outflows persist; combined with cooling funding rates, immediate >88k looks untenable. MVRV Z-score signals overheat, triggering LT HODL distribution. No institutional demand surge by May 8. 90% NO — invalid if daily ETF net inflows exceed $1B for 3 consecutive days.