I think the second in this case would be very much likely since we are seeing those 2 metrics inverse correlating almost 90% of the time since the last drawdowns
The opposite was also true in 2018 bear market, when a large chunck of #LTH sold into the capitulaztion event, thinking #Bitcoin was going to die. (You can see it in the dormancy chart below)
Huf Huf
Seems like something we are experiencing also as of today
Obviously #Bitcoin survived and thrived upon all the FUD that we have gone through.
Anyway, the point here is that #accumulation metrics could be faked by numbers, flaws and analysis metodology.
Accumulation is in, how much it would take and how low we could go?
I let this truths to those who can see through the folds of time. Magicians and chiromants are everywhere when you search for someone who is gonna tell you where and when the market will move.
I'll keep sticking to my #data, because data never lies, when you know how to read it
• • •
Missing some Tweet in this thread? You can try to
force a refresh
But let's start digging into this week, should we?
For as much as I would like to start with the onchain data, this week I'll have to retreat to an TA and macro analysis at first, onchain will have to wait I guess.
There a lot of important information to put out before entring the blockchain realm
Surprisingly positive numbers on employment in America have been published.
The July unemployment rate drops to 3.5%, the lowest level since the beginning of 2020.
Non-farm payrolls (number of non-farm workers) are 528,000, more than double the expected value (250k).
Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
DeFi is young and has its problems, but some blockchain doesn't handle the concepts of web3 neither the function of a protocol.
Solana is one of them. A thread 🧵
We saw ourself that in the middle of a crysis Solana can manage to shut down the entire chain in a matter of seconds from a centralized "emergency button".
So as far as decentralization goes, we are not gone far, even with 2k validators.
Multiple shut down of the chain in the last months showed that the chain isn't ready to handle the transactions happening on chain + any other problem coming from a code perspective.
Did you know that there are pairs that should be valued more?
To witness the power of the crypto industry and the money making trading strategies we should first know that using #Bitcoin as the medium of exchange to buy other coins or tokens is the best
Why? 👇
Take into account for a second future expectations and price targets.
Most people in the crypto industry think a 1m #Bitcoin is possible.
So let's take that as it is.
In this case, a 10% made on a #BTC pair is actually worth 50x more (taking a 20k btc or 40x with a 25k one)
Plus, using #Bitcoin as medium of exchange helps us to get an hedge in FIAT debasement.
Doesn't really matter in the short term if the price go down 70% from ATH.
We got many Xs everytime the market rallied again.
Inflation is a costant k in an equation where BTC is the result
#Tesla's #Bitcoin were sold OTC, were sold because they need their money back to hedge against their fear of recession and to appeal to investors in this period.
Do not be confused, that is strategy from a company. A bad one probably.
They invested what they couldn't afford to
lose, buying high and selling low.
They have their terms, obviously they have to mantain positive cash flow, and errors on the accounting and investing side are made more by centralized companies these days than "decentralized" ones.
When investing you shouldn't consider what other people are doing, but only what you should do based on your asset allocation, risk adjustment and investment strategies.
This is not a financial advice obviously
Anyway I don't think those #Bitcoin made any difference