Bitcoin sends warning
Bitcoin is down about 15% from its highs in typical bull market fashion. But is it more serious than that?
Dear readers,
Everybody is always humming along until the correction. While prices go up, it’s “can you believe the records bitcoin ETFs are setting?”, but when they decline, panic is often at the fingertips. Today, we’ll reset on the bitcoin market to try and objectively assess where we are. That also means looking at the macro picture, which has significantly changed its tone of late.
Reaching you all on a weekly basis has made me a better researcher, but it’s more than just that. Five years ago, 12 hours away from home daily to sit on a trading desk as a fiduciary didn’t necessarily leave a ton of time for reading. As a forever student, I feel genuine momentum on my path to full-time researcher, taking down more books than ever and simultaneously comprehending how much more there is to know. Asking brilliant people questions for our channel isn’t hurting the process either. The goal then becomes to synthesize it all for you and tell you what matters. Let’s reset.
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What’s on my mind
I promise to get to bitcoin as soon as I can. Yesterday, I sent a somewhat cryptic tweet that would set the scene for this morning’s letter:
“We are at the point where the bitcoin move should scare the macro risk longs.”
What did I mean?