@jonbray.eth
Samourai definitely explains some inflow, but that's retail. I'm talking about a pattern of XMR strength signaling shifts in the overall market. Not just retail price support but large scale accumulation behavior. The pattern is across multiple cycles as well.
re OTC: XMR's opacity makes it hard to nail down data on that, and institutions haven't said they're using it but it looks like whales (institutional or otherwise) quietly rotating funds is most likely.
XMR/ETH in particular shows a pattern that looks like hedging, except there's much better ways to hedge ETH (stables, lending markets, etc.) which makes intentional obfuscation much more likely, since the volume is undeniable.
it's definitely speculation, but even so I've been using XMR divergence as a meta-signal with great results, and as a long-time XMR supporter myself I'm so happy to see it's proving it's usefulness as a private store of value!
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