Atta boy, you're finally waking up to reality.
Seriously, if you already know this, why are you not capitalizing on it?
Bitcoin Price Thread
- Thread starter Magna
- Start date
Seriously, if you already know this, why are you not capitalizing on it?
Institutional fomo is a bit different than retail fomo
Two more trading days... I think bitcoin hit $70k before the weekend
I hope it hits 70k I have a new short to buy into. BiTX....
Magical coins I'll tell ya!!
Bitcoin will melt faces, hope it's not yours
https://www.elitetrader.com/et/threads/mstr-to-get-out-or-not.378543/page-3#post-5934920
Hey John... did you ever read rumours about what caused the huge dip today? I did see that customers at Coinbase had issues with buying, but some also saw that they had a zero balance. Its kind of scary to think that Coinbase is the custodian for all of these ETFs and yet they still have platform issues. I think the official reason for this outage was huge demand, and Brian Armstrong said that they stress tested their systems to meet a certain level of demand, and it passed, but that having too much excess demand available when its not being used is expensive.
Anyway, outside of this, I haven't been able to see any reason for the plunge. As I type this, its crazy to see that the price has pretty much retraced the entire drop.
Anyway, outside of this, I haven't been able to see any reason for the plunge. As I type this, its crazy to see that the price has pretty much retraced the entire drop.
I was watching the action, especially on the perpetual futures platform, it was nuts, going up hundreds in seconds, then it crashed, and someone posted the chart that was the Coinbase outage when everyone got spooked
So, now, we know the kinds of shit that TradFi will do to slow down the demand shock supply shock you've been saying for a while
The ETF's are going crazy on the volume, record volume, AGAIN
It's cool, they can't stop it, they can only slow it down with their games
It's insane that Bitcoin will hit ATH before the halving something that has never happened before, can't wait after the halving, things will go even crazier
I personally don't see how important volume is. In-flows in my opinion is what counts. If the day ended up being zero inflows but a ton of volume, then to me that means it's a balanced market. Obviously each day is still having positive inflows, but a bunch of stops getting triggered which causes huge volume doesn't really get me that excited.
On the flip side, I just read this tweet from a guy in the Bitcoin mining space. I think the supply shock will absolutely be huge. If everybody is getting excited now, and yet it will take them several days to even get their purchase in, then I don't see how we don't hit six figures in a week or two. Where is all this bitcoin going to come from?
https://x.com/boomer_btc/status/1762671974088589683?s=20
Volume is EXTREMELY IMPORTANT. Think of doge going up 50% on $500M trading volume, that's not true liquidity
Bond (debt markets) trade in the Trillions of $ and so does the Forex markets. Bitcoin will demonetize all global assets
Bitcoin is all time high against Australia and Canada, lol, fiat debasement on full display against the hardest asset known to man
Bitcoin is the best money in the history of mankind
I just think of volume as the accusations that exchanges were trading against themselves. Or we could even use NFT sales as giving a false market to potential buyers. If you can use five different accounts and show how an nft sold five different times for an ever-increasing price, then you might convince some poor sucker to buy from you. So volume doesn't impress me too much but I could of course be completely wrong.
Another example is just from trading futures. On a slow day or a holiday you can still have a fairly sizable move but the volume will be 1/10 of what a regular day would have.
So to me large volume does show a healthy market but it in no way means that the product is superior. Just as many people want to buy as sell and so if the price isn't going up or we don't have inflows, then it's just a bunch of traders.
I could of course be completely wrong though but this is how I see it.