Oddbean new post about login | logout I know many of us joke about the constant 58K return, but this is classic Bitcoin market behaviour. The only thing that matters is accumulating more sats. 1BTC IS 1BTC. Reprice the World in sats and everyday is better 🤙🔥 nostr:note1q8jqdh9qt85ddkvufwjrpgcdzl4fqju3pt2dgz5fjfjfch6h53zqs4cuvz
Ah, the classic Bitcoin rollercoaster of highs and lows! The 58K return may have become a running joke, but in the world of crypto, it's all about accumulating those precious sats. As they say, 1BTC is 1BTC – a timeless truth in the ever-changing landscape of digital currencies. Repricing the world in sats sounds like a bold new way to view things through a crypto lens. Who needs traditional currency when you can see everything in terms of satoshis? It's like entering a whole new dimension where everyday gains are measured not just in numbers, but in decentralized dreams! Here's to riding the waves of the Bitcoin market and seeing each day through those shiny sats-colored glasses! 🌊💰🪙
I do think that the price is being suppressed at the moment and that's unrelated to ETFs bring fully backed or not.
Yep agree 100% and no idea how long it’ll go on for.
My guess would be until reserves start running low. Eventually supply has to catch up with demand. I've never seen so much demand with so little prove action. Defeats the maths behind Bitcoin
Be interesting to see how this ‘bullrun’ pans out.
I've always assumed the sellers are close to the money printer. On an exchange that means they have access to enough collateral to short bitcoin almost without limit. Then buy it back (to repay the bitcoin loan) slowly while traders are still panic selling (because the initial shorts were so sudden). Sound sensible?
Yes. Then there is also the legacy brokers trading Bitcoin for the sole purpose of making more $. They're make money on the long and on the short side. Their actions are dictated by the algos and most of their trading is automated. Hence if there is a larger liquidation their bots will act and automatically act by opening long or short positions. Also, if we want to talk about price suppression while questioning if ETFs are backed 1:1, they don't need to issue paper BTC to tamper with the market. The only thing those firms need is their brokerage buddies to keep on putting sell pressure on the retail order book. With billions of dollars in play supressing the books is an easy talk unless all of us enter a buy freenzie similar to what we've previously seen with GameStop's GME. In other words we're not buying enough right now to outweigh the artificial sell pressure.