AntiFragile
@anti_fragile
Lead Analyst @glassnode
Ex-Neuroscientist, prev @swissblock__
views my own
909 Following 741 Followers
bitcoin:native is outperforming the starts of the last two bull markets.
Measured off the low, 84 days ago, price is up 47%.
The 2019 and 2023 recoveries were both slower than this.
In both of those cycles, most of the move came after this point.
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Hyperliquid whales have been net long bitcoin:native for six months.
They flipped bullish in March and added long exposure throughout the summer.
On average, these traders also captured most of the downside from the BTC all time high last year.
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The same level keeps capping bitcoin:native: the cost basis of large holders.
Corporate treasuries’ break-even sits around $80k.
A dovish FOMC could help set the stage to break through it.
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bitcoin:native, normally the most volatile major asset, is quieter than gold, silver, and oil.
Even US indices aren’t far behind.
This is why volume and liquidity are in commodities and equities right now.
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