Hello!
Last days we've seen some ETF outflows that moved the price down a couple of thousand $.
As you can see in the chart below from heyapollo.com there are some days with outflows.
From the 16th of August we were seeing outflows and we reached all time highs in terms of Bitcoin hodled by the ETFs, however it has changed this last week.
Today Russia announced that is going to push aggressively to buy gold and some foreign currencies.
This is bullish for gold bugs.
The announcement has been made prior to the BRICS summit of the 24th of October.
Vladimir Putis is setting the direction, other countries will follow. They are starting to realize that USD is stealing from everybody, they are opting out. Slowly, but they are opting out.
I prefer currencies backed by gold, than the current fiat system so every step towards this is positive.
The worst part is that if some countries are moving towards gold again, Bitcoin as a store of value could be seen as less necessary.
But the strong fundamentals of Bitcoin will rise sooner or later. People is realizing that the system is broken. Slowly, then suddenly Bitcoin will rise.
I hope you had a great day.
Posted Using InLeo Alpha