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Bitcoin’s Macro Backdrop Is Improving and Flows Are Close to Turning

Financial conditions are easing, ETF outflows are fading, and the odds are shifting toward recovery

Ecoinometrics

Dec 22

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The longer Bitcoin holds steady around $85K, the more it starts to look like a base rather than a breakdown.

Macro uncertainty is still high, and a single shock could change the setup. But the backdrop is improving in ways that matter for Bitcoin: financial conditions are easing again, and ETF flows are stabilizing after the November drawdown.

So in this issue, we’ll look at why this combination can shift the odds toward a recovery phase as early as January and what would need to stay true for that recovery to carry into the next quarter.

Ecoinometrics delivers professional-grade crypto and macro analysis to help institutional investors and serious traders make data-driven decisions.

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Bitcoin’s Macro Backdrop Is Improving and Flows Are Close to Turning

The Takeaway

Bitcoin’s November drawdown was driven by a sharp deleveraging shock, but that phase now appears to be over. Financial conditions have stopped tightening and are beginning to ease again, removing an important macro headwind even if leverage has not yet turned fully supportive...