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A thread 🧵
$BTC drew $812.1m of ETF inflows over four sessions, yet price slipped below $80,000 on the hot jobs report.
Demand is pressing from below, the Fed from above, and neither breaks through.
This week's Bitfinex Alpha looks at what tips the balance.
$BTC's Miner Position Index sits at -1.2, well below its yearly average.
Miners are holding supply back, even the August breakout only briefly spiked it to 2.8.
A spike above 2 means miners are selling again. Right now selling is subdued.
$BTC faces a 10-year yield rising to 4.76% while DXY falls to 99.
Higher yields usually lift the dollar.
But it’s falling now as higher yields reflect concern over yawning US debt levels not just expectations of higher rates.