Good morning Readers!
Bitcoin finished the week with a bang, hovering around $105,000 as of this writing. With only hours away until the Inauguration and everybody fixated on the suite of executive orders (and pardons), we must admit that we join others on the edge of their seat. Our new position is that the mainstreaming of bitcoin happened somewhat overnight—our friend Parker Lewis always told us it would happen gradually, then suddenly. In that mainstreaming event, which admittedly is heavily contributed to by the shifting political scene, bitcoin’s dips are strongly defended and underlying on-chain support fortified. Today, we’ll dissect the setup, as well as read into the stock market’s Fed-dependence: down on strong employment, and up on cooling CPI.
Here’s what the schedule looks like:
Bitcoin’s most important metrics
Risk assets breakdown
The infamous ‘steepening’ curve
TBL Liquidity
So, without further ado, grab a coffee, and let’s dive in!
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