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Not posting much.
China GDP growth slowing, FED hikes, housing recession, energy crisis, UK PM,..
BTC situation reminds a lot of 2018, 6000 floor. Bounces getting weaker and weaker.
Nobody has a clue about next move.
It looks like there are no safe assets left.
For decades simply owning assets generated nice returns. Probably everything will change. Active asset management will be crucial. There are just to many macro shocks in motion.
Staying in USDC for now.
$BTC update.
People are entering, but the price is not growing. We see that in open interest rising again, the price is declining, and funding is not yet negative enough.
Right now, the 50 million to Tether treasury we wrote is in play.
To keep inflation under control, the Fed must take several actions. Simultaneously, so that there isn't a complete collapse of all markets, resulting in deflation. Another issue is that inflation normally declines 18 to 2 years after measures are implemented.
Patience has certainly paid off for now. With BTC's behaviour, ALTs setups are risky. According to the Fear & Greed index, markets are experiencing "severe fear." Many people are turning to stable coins as a result. Today's daily stable coin transfer volume reached $57 billion.
$BTC update.
Another 50 million. So there'll be more chopping and pulling back.
Many ALTs are trading near solid support, but a greater decline is probable below this level. It is preferable to lose a small amount of money than to lose a significant sum of money.
It says a lot that BTC only bounced to 48k area.
Closed some positions.
$BTC update.
There is just too much scare tactics, we have negative funding. This could be 30k moment in July, followed by the 40k moment in September.
Because we know the potential is much, much larger, we risked another 10% of USDC by DCA entering in BTC yesterday. With financing negative across the board, retail is selling into the lows ahead of the FOMC meeting.
It is hard to believe they'll change the conditions at central banks overnight. The entire financial system is on the verge of collapse, and they'll drag as long as they can.
Bids are being placed on Bitfinex. Perhaps for the purpose of purchasing the news.
(Picture credit: Zen)
At the very least, the fact that we will most likely find out which market we are in on Wednesday is a plus.
$BTC update.
Not bullish right now.
Another 50M to tether treasury.
They appear to want to take the price down to at least 0.786 Fibb levels, which would be around 46.2k.
