Impasse
We’re entering the late stage of the bear market
Bitcoin is stuck. Not crashing, not ripping, just grinding sideways while two of the most watched lines in the market, the 200-day moving average and the Short-Term Holder Cost Basis, keep swatting price back down. An impasse.
An impasse is not the same as a standstill. Underneath the boring price action the data tells a more interesting story: implied volatility has gone quiet, on-chain activity has gone quiet, and that particular kind of silence tends to show up in one place, the late stage of a bear market. This week we look at what that silence means, what could break it, and what more than 22,700 SEC filings reveal about institutional bitcoin adoption.
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Announcement Board
Nik & Johan are hosting another live TBL Pulse walkthrough this coming Tuesday (June 2nd at 2:00 PM EST).
This webinar includes a special bonus to those who attend:
During the call, we will send out a one-page memo to all attendees discussing our most important charts from TBL Pulse and how we read their respective signals.
Free for everyone to attend.
This session will primarily focus on the bitcoin portion of our TBL Pulse dashboard, where both Nik and Johan will walk us through the latest Valuation & Trend research, which is the underlying framework for the State Quadrant.
