Investors ditch the euro and pound for Bitcoin in record numbers as their value plummets

[destriero]

Prolly nothing...


https://finbold.com/investors-ditch...in-in-record-numbers-as-their-value-plummets/


Investors ditch the euro and pound for Bitcoin in record numbers as their value plummets

Ana
Nicenko1 day ago
3 mins read

In the midst of the collapse of multiple fiat currencies worldwide, the cryptocurrency market seems to be going strong, leading investors to turn their gaze to digital assets like Bitcoin (BTC) and Ethereum (ETH) instead.

As it happens, investors in the United Kingdom and the European Union are selling their pounds (GBP) and euros (EUR) to purchase Bitcoin in record numbers, according to the data and charts published by crypto market intelligence platform Messari on September 29.

The platform explained that:

“As these individuals from the UK and EU see the value of their currency collapsing, they effectively selling the pound and euro for Bitcoin. If this were just a trade to capture the volatility, we would have seen similar spikes in May 2021 and certainly in March 2020.”

Investors selling EUR and GBP for Bitcoin. Source: Messari
As per the chart that spans until September 27, the daily volume of Bitcoin purchased by EUR has reached 50,000 in the week between September 22 and 27, and the same figure is reported for BTC purchases made in Pound Sterling.

Trading fiat for Ethereum as well

Unfortunately the flows haven't done shit for px of crypto. It's even flat when px against Cable. It's like a 75% corr to index so the unwinding of the fiat outflow will be bearish mitigated by the corr to equities... net-net means a drop in vola.

 

[Good1]

If you trade futures, you would know there's a distinct difference between trading volumes and open interest. Higher volume itself doesn't necessarily mean people flocked to Bitcoin. On the contrary, it could be due to a big selloff in Bitcoin along with the equity market.

Could be for selling off, but probably not. Here is some facts about the last three drops (off the last three major rallies) in the SP500 compared to BTC

Drop %:
SPX BTC
17% 46%
12% 44%
17% 22%

That is:
2.7x
3.6x
1.3x

So BTC is holding up better this last time round, despite close correlation with stock market.

 

[johnarb]

Unfortunately the flows haven't done shit for px of crypto. It's even flat when px against Cable. It's like a 75% corr to index so the unwinding of the fiat outflow will be bearish mitigated by the corr to equities... net-net means a drop in vola.

Yea, correlated, same investors in the tradfi treating btc and crypto assets as risk assets

We're waiting for the next bull market or a very big news, i.e. a UK Japanese or Canada financial crisis, that would normally push btc price up, and tide lifts all crypto boats

13M out of 19M btc's are classified as long-term holders (have not moved in the past 6 months)

~4M bitcoins are "lost forever"

Less than 2M bitcoins are on exchanges

The bitcoin price driver have been futures traders. Hedge funds, et al

One might suspect price manipulation through futures similar to paper gold, but it's cool, long term btc holders are waiting for the next bull market. I know I am

 

[Good1]

One might suspect price manipulation through futures similar to paper gold, but it's cool, long term btc holders are waiting for the next bull market. I know I am

That could be part of the problem. Wouldn't an ETF work to oppose that? I wonder if that's why there isn't an ETF yet.

 

[johnarb]

That could be part of the problem. Wouldn't an ETF work to oppose that? I wonder if that's why there isn't an ETF yet.

There's bitcoin spot etf's outside of the US, in Canada and in Europe

From what I read, not sure how true it is, hedge funds and similar, short btc futures since it's correlated to NDX/growth stocks, it's a way for them to hedge their equity holdings, something something, alpha beta delta gamma stuff (making it up, lol)

In a bull market, they'll probably go long btc futures to juice up the performance, so...

But hey, 1 very big news like sovereign wealth fund, i.e. Dubai making an announcement they are allocating 20% (lol) to btc, and boom or how about dem apples saying they've put $20B of their cash to btc and will be putting a bitcoin wallet app on their iPhone, iPad and Apple watch, lol

I like the bull market more, though, where we make hundreds of percent investing in altcoins or yield farming new project launches. Soon

 

[Good1]

There's bitcoin spot etf's outside of the US, in Canada and in Europe

From what I read, not sure how true it is, hedge funds and similar, short btc futures since it's correlated to NDX/growth stocks, it's a way for them to hedge their equity holdings, something something, alpha beta delta gamma stuff (making it up, lol)

In a bull market, they'll probably go long btc futures to juice up the performance, so...

But hey, 1 very big news like sovereign wealth fund, i.e. Dubai making an announcement they are allocating 20% (lol) to btc, and boom or how about dem apples saying they've put $20B of their cash to btc and will be putting a bitcoin wallet app on their iPhone, iPad and Apple watch, lol

I like the bull market more, though, where we make hundreds of percent investing in altcoins or yield farming new project launches. Soon

Shark Kevin O'Leary said sovereign like Dubai were actually waiting on a US ETF and/or regulations (forget which) to allocate significant funds. Maybe they just couldn't wait, decided this was the bottom, and stepped in.

Can try altcoins for multiples of BTC, or, just leverage BTC trades.

 

[johnarb]

Prolly nothing... Got bitcoin?

https://twitter.com/x/status/1576238026467921920

 

[TimtheEnchanter]

Why do you think that? Bitcoin has been stuck at this level for over 2 months

Are you shorting btc?

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I shorted btc 20 minutes ago for the very first time.... just fucking around, not a long term short position. I'm long term btc hodler

View attachment 296517

BTC is moving with QQQ and QQQ has not seen the bottom yet. Simple as that....I am not short because qqq is oversold for, ready for Oct bounce so is BTC. I would never short BTC as I would never short TSLA, still I think both are bubbles in a trading range.

 

[johnarb]

BTC is moving with QQQ and QQQ has not seen the bottom yet. Simple as that....I am not short because qqq is oversold for, ready for Oct bounce so is BTC. I would never short BTC as I would never short TSLA, still I think both are bubbles in a trading range.

On the last trading session of the US stock market, QQQ and SPY hit new 52 week lows and closed near those levels

What did bitcoin do on Friday? Btc hit $20K as it has been doing for over 3 months, above $20K then below $20K then above $20K

Btc has not revisited the $17K level it touched in June


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BTC 52 week low price

 

[M.W.]

Chipotle dinner for 100 bucks? Did you breed uncountable kids or are they greedy AF? Thought Chipotle is fast food? Never ever paid more than 7 bucks per person at a fast food joint, I mean, ever. And never without coupon.

Perpetual futures, no time or date settlement. They are not available to US people, sorry... unless you setup offshore company or other stuff

Lots of youtubers recommend Bybit that works with Vi Pee ehN, but I have no experience with them

Perp futures you can do 100x leverage. My screenshot shows 70x but I have it set for 20x, not sure why it shows like that but I have more than enough collateral for 20x leverage

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Update on the short btc positioon:

That short trade btc has been closed for a little over $100 profit which pays for a Chipotle dinner tonight, inflation is tough (j/k)

Target price to cover was 19,277 (based on the chart attached) ,but btc bounced off 19,282 so I started covering 19,288, last exit price was 19,303

Scale in, scale out. Still learning this sh*t. Been throwing $$ not properly paying attention to small details