Authors Sam Trabucco
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Many close calls later, BTC finally managed to break through $20k -- and it BLEW through it, barely slowing down til $22k. What was different this time?
A thread about man vs. machine.
https://t.co/mGRJ852xVb
As has been pointed out, I've been adamant that the rallies in the past month or so have been heavily fueled by rampant liquidations on both BitMEX and Binance. And they have! But they were also fueled by organic buying among U.S. investors, as has been a popular narrative.
If anything, the narratives surrounding various U.S. funds and other companies buying BTC have gotten *stronger* in the past week or two than they were around Thanksgiving. More and more funds have announced their crypto holdings or plans to acquire them.
And direct signs of all this exist. Take a look at FTX's volume monitor: U.S. trading hubs like Coinbase having more volume than normal *is* a signal that U.S. customers are doing *something*, and when BTC is going up ...
(Coinbase even crashed from "heightened activity :P).
The DOW recently announced their new crypto indices, CME is listing ETH futures, Microstrategy putting $650M into BTC, GBTC AUM continuing to balloon, these all point in the same direction, and that direction is a resounding "up" for the crypto markets.
A thread about man vs. machine.
https://t.co/mGRJ852xVb
Alameda won't be participating in this, but it does present a chance to explain how we think about the value of man vs. machine in our trading. https://t.co/62yGWAS1C3
— Sam Trabucco (@AlamedaTrabucco) May 26, 2020
As has been pointed out, I've been adamant that the rallies in the past month or so have been heavily fueled by rampant liquidations on both BitMEX and Binance. And they have! But they were also fueled by organic buying among U.S. investors, as has been a popular narrative.
If anything, the narratives surrounding various U.S. funds and other companies buying BTC have gotten *stronger* in the past week or two than they were around Thanksgiving. More and more funds have announced their crypto holdings or plans to acquire them.
And direct signs of all this exist. Take a look at FTX's volume monitor: U.S. trading hubs like Coinbase having more volume than normal *is* a signal that U.S. customers are doing *something*, and when BTC is going up ...
(Coinbase even crashed from "heightened activity :P).
The DOW recently announced their new crypto indices, CME is listing ETH futures, Microstrategy putting $650M into BTC, GBTC AUM continuing to balloon, these all point in the same direction, and that direction is a resounding "up" for the crypto markets.