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57 sats \ 11 replies \ @grayruby 16 Mar \ on: Saylor’s Strategy: Buy Higher, Pump Harder (Financial Times, Craig Coben) econ
It's quite the presumption that Microstrategy could buy another 262k bitcoin at 80k and not move the price. Especially the way they buy where they don't care about market timing. I could see them being able to do this during a prolonged bear market where the avg price of coins acquired is 80k but during the last bear the stock traded at a discount to NAV.
Tells us something about how crappy/undesirable bitcoin is and has been in recent months if there's been Saylor aping in and it keeps depreciating.
Not a good sign, altogether: is the bitcoin dream over? Is it time to wake up, bitches?
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I don't think it tells us that at all. It tells us that Bitcoin is still wrongfully seen as high beta to the Nasdaq. Everyone goes through the bitcoin learning curve. Tradfi is doing that right now. In the past couple months we have seen over 10B flow out of Open Interest either via liquidations or traders taking risk off the table. Add in some outflows from ETFs as tradfi folks take risk off the table due to recession fears and tariff wars and that explains the price action.
There have been many instances in Bitcoin's history where price doesn't reflect the positivity of the news cycle and vice versa. This is just another one.
You also have the issue of crypto traders trying to keep their altcoin bags afloat by selling bitcoin as they were all positioned for an altseason. They likely don't have any (or much) bitcoin left to sell to save their shitcoins.
Honestly after a big run up. I think Bitcoin is holding up pretty well.
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Some nice observations there, thanks!
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Don't get me wrong, demand is definitely weak right now but there is a lot of positive stuff going on. I expect Bitcoin to continue to follow global M2. I like this chart from the Mad King. It shows Bitcoin stayed elevated even though M2 was declining (likely due to hype around the election) and is just retreating to meet M2 which he predicts will turn upwards in the coming months. Maybe it's hopium but I have heard Jeff Ross suggest something similar.
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Yah-yah, I've seen it.
The dissonance is precisely what troubles me: all this good news,setup couldn't be more bullish... And market prices keep telling me I'm wrong.
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Yes I agree also. It has been a long time people always fudding and Bitcoin is still here