BITO: Volume Spikes Signal IBIT Reversals

Eric Balchunas notes clear correlation between $BITO volume spikes and $IBIT price reversals upward, pointing to hedge fund basis trades since institutions avoid BITO's 95bps futures fees when spot ETFs charge 20bps. BTC price prediction models must now factor these futures ETF volume surges that hit $40b in July versus $20b for IBIT. Price trades inside Bollinger bands testing upper resistance at $66828.4 while EMA50 at $65029.77 acts as immediate support and EMA200 at $63747.31 anchors the longer bullish structure, with RSI at 44.15 neutral and MACD death cross at 190.82 signaling short-term exhaustion that could drive a healthy pullback to the 50-EMA before continuation.