$105 million worth of #Bitcoin shorts liquidated in the past 24 hours.
Nothing spared!
Socials are out. Mets as a whole was down and a lot of google products. Nostr goes on!
No, #bitcoin drawdowns are not going to get significantly smaller from this cycle onwards because the majority of capital is now institutional and institutions are "intent on just buying and holding".
How much more evidence do you need that institutions are even more degen than your average BitMEX 100x pyjama trader? They will buy and sell any trash in the tradfi markets to make a quick buck.
They have no conviction in bitcoin. They are not holders of last resort. They are staffed by midwits who are prone to panic in mobs.
And perhaps most importantly, they are the most likely, in their hubris, to fall for narratives that they themselves have brought about the end of cycle drawdowns, conversely making them *more likely* to overextend.
The only reason you hold bitcoin through a bear market is because you have conviction in what bitcoin is and what it does. The people working for institutions don’t have this. Less than 1% of them get it. And even those that do have not been around bitcoin long enough to resist the temptation to play the market—"Ima gonna buy back lower!"
Those thinking that monumental market crashes are behind us imagine everything stays the same as it is now except the price goes up. But that's not how it works. Think of all the events that could emerge—self-custody bans, bans on institutional holdings due to climate change, a stablecoin accused of printing billions, a major exchange hacked or blows up, or another fork war. Even if these things don't ultimately impact bitcoin's value prop, imagine the narratives that would emerge. Compliant normies at institutions are going to see any one of these things and lose their marbles.
I can see the attraction of imagining that it's mostly up only now the suits are here, but that's not how it's going to work.
Breaking: everything!!
I read “Broken money” last month. The way nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a weaved together such a rich factually dense material was nothing short of a masterpiece. Her ability to take the years of pieces she has done from her newsletter to long form podcast to post was beautiful. Nothing but gratitude for her contributions in this space.
Absolutely loved all three. Three pillars of knowledge you have found!!! The trifecta of the coin!!
Good reminder! They have been playing this game for centuries. It’s a game to them. That’s all. They only care about NGU. Anyway any how? They will play both sides. The up and the down. In regards to traditional finance.
Pump boys, fake accounts, and scams X is a lot of noise. Stay humble and stack sats. Nostr seems to be where the conviction went. #bitcoin
They really do!
So close!!!