bitcoin just closed below its 50 week moving average after holding above it for 7 consecutive weeks two other times (2011-12 & 2019-20) btc closed below its 50w after reclaiming it post-bear bottom neither of those times did the bear make a new lower low (weekly close data)

bitcoin closes above 50 week moving average for 7th straight week despite $6b+ hack on world’s biggest crypto exchange great to see BTC’s resilience and ability to keep the current technical market structure intact

coinbase’s USDT-adjusted BTC discount to binance hit its widest level this year but binance’s withdrawal freeze impaired arbitrage, complicating the U.S. demand signal. watch whether the gap closes now that withdrawals have resumed

we're still early in 13F filings for BTC ETFs... most large asset managers and RIAs don't file until right up before the due date (nov 16) but we're already seeing some of the longer term money adding in Q3. SIGFIG WEALTH MGMT (advisor) is a new brand new filer whose clients added $73m in Q3. a lot of their AUM is pass-through from retail accounts at banks like wells fargo, citizens, santander and UBS

Galaxy Research's @intangiblecoins just published a compelling case for why the bitcoin bear market is over and now is the time to accumulate. "We believe the bottom is in, selling pressure has diminished, the debasement case has strengthened, and the crowd has left." The 200-week moving average held as the floor in June, the 50-week has been reclaimed for five straight weeks, and at day 916 of the halving cycle, bitcoin is past the window where every prior cycle bottomed. The macro tourists are gone. Basis traders and hedge funds have cut ETF and futures exposure by more than half. Meanwhile, the fundamental case has only gotten stronger with $2 trillion deficits at 5% yields. "A bet against stocks and hard assets is a bet on fiat, the one position that makes no sense today." Thorn also notes sentiment has swung to "blockchain, not bitcoin" for the third time. The first two times marked cycle lows.

For three weeks someone has been writing sentences like this into Bitcoin, ~40 times a day: "Ieqkenszm aalzrnbgtr nxnstd gubighxvfg byvzwrzk df qukz." Looks like a cipher. It isn't. And the coins behind it belong to the wallet that inscribed the US Constitution in May. 🧵

Someone has been inscribing the same poem to the Bitcoin blockchain 26 times over the last two weeks. "Thoughtless quartz clocks drift, while blocks stack, each a strict proof, the timechain keeps score." @glxyresearch traced it to a single sender with ~0.327 BTC (~$26K) depositing to one custodial service over and over. The service pays it back within hours, the sender re-deposits with the poem attached. 14 round trips so far, 5.22 BTC of gross volume on 0.327 BTC of principal. The only leakage across 28 deposits is 8,015 sats (~$6.50) in mining fees. No laundering. Could be farming a volume metric, an integration test running in prod, or an agent handed a wallet and a reason to transact.

Someone has been repeatedly posting a short poem to the Bitcoin blockchain over the last 2 weeks and it caught our attention… "Thoughtless quartz clocks drift, while blocks stack, each a strict proof, the timechain keeps score." 26 identical copies so far. What is it? 🤔

This man is incredible. First, Kaylub Giamanco ran into his daughters’ school and killed a school shooter by himself. Then he goes on TV to praise the unarmed teacher who put her life on the line to wrestle the shooter for his gun. Both of them heroes.

At least 16 blue-chip issuers have opted out of OKX-ICE's tokenized stock platform on the NYSE, according to @intangiblecoins from @glxyresearch. Microsoft, Apple, Google, Goldman Sachs, CoreWeave, and Broadcom are among those who objected. The SEC's "innovation exemption" created a pathway for tokenized securities trading, but major companies are pushing back on having their stocks tokenized without their involvement.