1/n To understand if $35k #Bitcoin makes any sense, you need to 'zoom out' first. First of all, we've never had $500 million+ buy orders executed in a couple of days. Not to mention an S&P500 company using it as reserves. Grayscale GBTC captured huge inflows, while gold ETF bled 2/n Keep in mind, USD fiat had bottomed vs global currencies (DXY) to a 3y low. However, as vaccination grew and companies such as $NFLX reported subpar numbers as life returned to normal, there was less reason to bet on some catastrophic event

Bob McAdoo, 5 time NBA All-Star, 1975 MVP, 2 rings
Michael Jordan, 10 time NBA All-Star, 5 MVP, 6 rings
Do you know what else they have in common?
👇👇 Keep reading, cause this story is amazing The year was 1972, and Portland Trailblazers had the 1st draft pick. Their choice? LaRue Martin, a 6'11'' center from Loyola (Illinois). His team did 4W-20L in 1970-71, and 8W-14L on his senior year, scoring 19.6 points per game & 16 rebounds. Maybe not a bad pick, but....

1/ July 26 and 27 pumps caused same liquidation of today's 12% dump. Aggregate open interest remains above $5 billion, so no side is even close to 'defeated'. Quite the opposite, buyers remain very optimist as 3-month basis (contango) remains at healthy 12% annualized... 2/ Perpetual funding rate holding below 5% monthly fee also show no sign of buyers giving up. They've built such position below $10,400, so why worry? Options market remains rather calm as well...

1/ I have a theory why @grayscaleinvest is buying so many #Bitcoins yet price doesn't budge. Spare 3 mins and I'll take you down the rabbit hole. First of all you need to understand GBTC trades at a premium to the held. Each share holds 0.00096112 BTCs, as shown below 2/ This gives us a Net Asset Value (NAV) of $9800 x 0.00096112 = $9.42, while GBTC US closed at $11.73. That' a hefty 24% premium, which used to be a lot higher as you can see @ ycharts.com/companies/GBTC… Keep in mind only accredited investors can buy directly from @grayscaleinvest

This is NOT satoshi. I repeat, NOT satoshi.

https://twitter.com/SDLerner/status/1263124405997142019

Took 2y longer than expected, but #Bitfinex cold wallet is finally being drained. 57k BTC outflow in 70 days. Will it hold or finally spiralling out of control? #Bitcoin bitinfocharts.com/bitcoin/wallet…

Minha leitura do FED - não sou economista:
> Dar garantia pra financiamento auto, estudantil e cartao de crédito significa, obviamente, que alguns bancos grandes quebraram (1/8) > Não dá pra saber se é o banco diretamente ou algum hedge fund que ele entubou essas picas pra desinflar o balanço, mas esse tipo de crédito é bancário (2/8)

Thread: So, WTF really happened yesterday with #Bitcoin ?
Bitmex was unable to liquidate leverage buyers @ Mar27th (XBTH20) and Jun26th (XBTM20) contracts; This happened due to lack of bids in orther to make the sales; Less than USD 2 mil total bids on the board for each one. 1/8 2/8 if average buyers are 20x long as reported multiple times by Arthur, a 10% price drop would liquidate almost every trader. Open interest was USD 150+ mil for Jun26th & 100+ mil for Mar27th. Surely there were some traders using 1x or less leverage, but not all of them...

Inspired by Fundstrat's Tom Lee @fundstrat '10 best days' analysis I've updated Bitcoin chart and added ETH, XRP & LTC. Below is Bitcoin . Hope you guys enjoy it, @IamNomad @ahcastor @nic__carter @nlw @Felipether @J0E007 @krugermacro @BTC_Macro @zhusu Ethereum

TL/DR: Crypto & Commodities: The Arc Seems to Rhyme More Everyday…
coinshares.co.uk/insights/crypt…
Same drivers from Commodities bull run in 2002-2007, Demand (utility beyond speculation), Depletion (halving), Dollar (QE, trade wars, reduced confidence). /1 /2 Commodities index funds from USD 20 to 250 billion in 2008. No one wanted to buy actual barrels of oil, only derivatives and ETF exposure. Reducing friction was an important driver.

Bitmex perpetual USD ~15 below spot. I do NOT find that troublesome as it usually fluctuates from -20 to +20. What you SHOULD monitor is Bitmex June/19 expiry and OkEx 3 month forward premium: this # spiked above USD 80 last 11 days and is now back to a "normal" +40 level /1 You can follow it @ TradingView: tradingview.com/chart/BTCUSD3M…
When this # drops below 0 as we've seen from April-23rd to May-13th it usually indicates a lack of confidence -- too many people betting on the downside. Bearish? Bullish? No such thing /2

/1 Thread: I've been covering this industry for 2y now, raising red flags on TETHER SCAM for quite some time. They've openly admitted not being backed 1:1 by fiat USD and we all know it’s not 10y T-Bonds they hold /2 Those exchanges holding the majority of the USDT – doesn’t matter if client owned or not – benefit from its lack of regulation: they wouldn’t survive otherwise. No bank will provide them services