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17 sats \ 5 replies \ @grayruby 16 Mar \ parent \ on: Saylor’s Strategy: Buy Higher, Pump Harder (Financial Times, Craig Coben) econ
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.
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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