X @Raoul Pal

RT Jamie Coutts CMT (@Jamie1Coutts)ETFs and BTC TCs have driven this cycle, but the structural bid from TCs is slowing as mNAVs compress. The weight of this market now sits more with the ETF flows. Meanwhile, spot sovereign accumulation—harder to track—is the wild card. After a dismal early September, ETFs flipped bullish again—right on cue with tops and bottoms since launch (h/t to @caprioleio for the killer data).In my September @RealVision report, I expected a 25% correction after buying from these 2 coh ...