According to Amberdata, during the recent BTC price pullback, the one, two, three, and six-month skew has remained positive, indicating a bullish or upside bias. Only the seven-day skew turned negative, indicating the need for downside protection. Bitcoin has decoupled from the Nasdaq's upward trend in recent weeks, largely due to selling by long-term holders and miners, as well as growing talk about the non-directionality of ETF inflows. On Thursday, the German government moved $425 million worth of BTC into some cryptocurrency, most likely with the intention of selling.