Bitcoin Surging As Demand Has Never Been Higher
A no-nonsense, no-hype look inside the numbers behind the latest move. Overheating, or just getting started?
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Folks, there are times in bitcoin where you can’t help but step back in awe of the price action. Monday provided longs some vindication that bitcoin is performing as intended: the apex financial asset for wealth preservation and capital appreciation. The mad dash for absolute scarcity is propelling us to brand-new all-time highs with a strength only rivaled by an angry bull charging at his matador.
Fresh 26-month highs for bitcoin are with us—bitcoin rose over $5,000 on Monday. The chart below was struck at 8:50pm EST last night:
This rally has been a massive shorting effort in the futures market gone wrong, with buyers driving the price up so much that shorts have to buy BTC to close out their positions (short squeeze), driving the price up, closing more shorts, so on and so forth. Some $144.5 million in perpetual and fixed short futures contracts were liquidated yesterday:
This futures market structure is one of the key differentiators between 2024 and 2021.