Many people follow global M2 supply and like to compare its evolution with Bitcoin.
Personally, I prefer to track stablecoin supply, as it better reflects real capital entering the market.
📈 Over the last 30 days, USDT market cap has increased by 3%.
Over the past two months, more than $6B in USDT has been added to the supply.
Some investors already seem to be positioning themselves.
$BTC – Cycle Tops
There are many ways to spot a cycle top, technicals, liquidity, or in this case, macro.
One of the cleanest signals is ISM Composite PMI.
Historically, Bitcoin tops align with ISM peaking and rolling into contraction.
Now here’s the twist.
Despite BTC sitting at $107K ATH, the ISM PMI is actually at cycle lows, and looks like it’s about to re-expand.
So ask yourself: Does this look like the end of a cycle or the beginning of something much bigger?
This #BitcoinOG keeps adding to his shorts on $BTC and $ETH — his total positions have now exceeded $1.1B.
10x short on 6,189 $BTC($752.9M)
Liquidation price: $130,810
12x short on 81,203 $ETH($353.1M)
Liquidation price: $4,589.3
https://t.co/xDbaCvSrQ3
It's decided.
Arbitrum is going to Dominate the next bull cycle.
After countless hours researching Arbitrum projects, I've brought to you -
My Top Arbitrum Picks 👑
1/8🧵
$GNS is undoubtedly the most capital efficient project in #DeFi right now.
They have about $40M #TVL on @arbitrum.
Here's what they can do with it 👇
They have $44M available open interest on $BTC (long + short, another $44M on $ETH.
$18M on $BNB
$12M $LINK
$8M $LTC
$24M $XAU
$28M $USD / $JPY
$31M $USD / $GBP
And about 60 other pairs for a total of $650M available OI between all of the pairs. ($242M of which crypto, 121M long, 121M short)
How can this be?
Well, there's a secondary constraint on open interest, where closely correlated pairs get grouped together and subjected to a group limit.
As such $ETH and $BTC get subjected to a 31.75M on each side, quite a bit less than the combined $44M.
The group of altcoins get subjected to a $14M limit, massively less than their combined 77M.
And if these groups get filled up entirely one sidedly, the borrow fee goes up as further measure to protect the protocol.
So yes, traders cannot short or long crypto to the tune of $121M but only to $45.75M but once a position is closed on $BNB, that immediately opens up OI on $LINK or $ARB etc.
Same goes for between $ETH / $BTC, between forex pairs and between gold and silver.
And that is why it is the most capital efficient protocol in #DeFi.
Prove me wrong.
$GNS #gTrade @GainsNetwork_io
We have one last #bitcoin miner capitulation before this bear market is over, in my opinion.
Watching hash rate closely here, the 14d MA is a mere -2% below ATHs.
A major squeeze is in the ~5th inning or so. I suspect you'll see hash rate fall noticeably as this plays out.
Here's hash price (miner revenue per TeraHash).
All time lows.
Players in the mining industry have known this was coming, but that doesn't make it any less painful.