First the most obvious thing, what is melting up…
Tech $NVDA, $AAPL, NFLX 0.00%↑
We constantly see increasing price against decreasing volume. This suggests a major correction is in the near future. Very few sellers. Where did they go? What are they waiting for?
JP Morgan estimated retailers bought up $270 billion of stocks in the first 2 quarters of 2025. While institutions were exiting, retailers are still getting in.
Some of these things are not like the other…
The volume defined breakouts in precious metals demonstrates the opposite pattern of the first. This suggests new money pushing into the sector (institutional). High conviction in Gold and Silver purchases.
Where does that leave crypto in general and BTC in particular?
Of course these coins can be transacted outside of the main half dozen exchanges and these volumes may look a bit different in different exchanges. We clearly have what looks like a cup and handle somewhat, but the decreasing activity suggests investor behavior may be of the tech group more than the precious metals group. It remains to be seen…
