🚨 Les détenteurs de $BTC à court terme montrent le plus fort signal de capitulation de l'année.
Au cours des heures, 53 800 $BTC ont été transférés vers des exchanges à perte, tandis que les flux d'achats à profit sont tombés à zéro.
Les investisseurs qui ont accumulé des BTC près des récents sommets autour de 80 000 $ ont envoyé des BTC vers des exchanges et vendu.
🚨 Bitcoin just dropped from $74,000 to $67,500 in 48 hours. On no real news.
One thesis that fits the data:
The exit liquidity rotation has begun.
In the next months, four companies are raising over $350 billion in fresh equity:
– SpaceX IPO: ~$75B
– OpenAI raise: ~$100B
– Anthropic raise: ~$100B+
– Google net equity issuance: ~$80B
That money has to come from somewhere. Existing portfolios. Risk-on capital. Cash.
Bitcoin is the most liquid risk-on asset on earth. Selling it is the fastest way to free up dollars without triggering tax events on long-held equity positions.
If the most religious Bitcoin holders – the corporate treasuries, the funds, the whales – are even partially rotating to participate in the largest IPO cycle in history, you don't need a news catalyst to explain the drop.
You just need the supply curve to flip.
This isn't bearish on Bitcoin long-term. It's a sign that the entire risk-on crowd is preparing to absorb the largest equity issuance year since 2000.
When the marginal Bitcoin holder needs to be on a SpaceX cap table, Bitcoin goes down for reasons that have nothing to do with Bitcoin.
The exit liquidity avalanche doesn't just hit overvalued stocks.
It hits anything liquid.
Michael Jackson a déclaré : « Mon bassiste fait des erreurs. Mon guitariste aussi. Et moi aussi, il m'arrive d'en faire. Mais Sugarfoot, lui, ne fait jamais d'erreur. »
Voici Sugarfoot, connu par certains sous le nom de Jonathan Moffett, mais que la plupart des gens appellent le « Métronome humain ».
C'est le batteur qui a accompagné Michael Jackson pendant près de 30 ans. 🥁🎵
Unmedicated ADHD means you keep your personality.
You also keep the procrastination, doom scrolling and missed deadlines.
For me the second was easier to fix.
2 years without meds and I've never been happier.