Mikey Moon 🌕

exploring the possibilities of Bitcoin. Rekt. Day Job. Sales.

[Mikey Moon 🌕 @askmoonmike]

@markpoloncarz Politics aside, what’s the matter with coming together as a country and watching a major sporting event, in unison, and proudly as a country?

[Mikey Moon 🌕 @askmoonmike]

If you love Bitcoin, even if you hate mstr, you must appreciate this man as an advocate of Bitcoin. @MicroStrategy

[WOLF Bitcoin @WOLF_Bitcoin_]

Michael Saylor: "I bet you that if I had an hour with Warren Buffet in a calm environment..

I'd walk out and he would say 'this Bitcoin thing is a good idea, Charlie would have liked it. We're going to buy some'

But no, I have NOT called him... yet."

[WILL REEVES @willreeves]

Fold operates the longest-running bitcoin faucet — live 24/7 for nearly seven years — distributing billions of sats.

Gavin gave away 19K BTC (about $250K at the time).

Fold has given away 720 BTC (about $50M).

It might make sense to get some in case it catches on.

[Mikey Moon 🌕 @askmoonmike]

@BTCBreadMan This is positive news if you like Bitcoin. Everyone knows most assets are beyond their normal valuation

[Mikey Moon 🌕 @askmoonmike]

Thank you for the analysis! I listened to the speech. This is a great card for very high earners, senders, and spenders. Not an Everyman card, outside of a few select cities.

With that being said, the gold card has become my go to credit card, ousting my previous go to SoFi credit card

[Mikey Moon 🌕 @askmoonmike]

@GrantCardone Ben Franklin close. You know the close already, you’ve mastered it. Let’s make some more room in the budget for something that makes sense for you and your family.

[Mikey Moon 🌕 @askmoonmike]

If humans will eventually become extinct…could hypothetically…a.i eventually revive the humans for just a brief moment for a fingerprint or something…just asking. @xai

Also, what the f is happening?

[Mikey Moon 🌕 @askmoonmike]

@thogge @RobinhoodApp @AmericanExpress I agree. Robinhood card goes hard. And, my favorite part is that they keep it fresh and entertaining with drawings and stuff. I was using @SoFi credit card for all purchases when they offered 3%, now I use Robinhood card. The only thing they are missing is 3% back into btc

[Mikey Moon 🌕 @askmoonmike]

This bro pointed the telescope into the past and future at the same time.

[Parker @TheOtherParker_]

This was the highest volume day on $IBIT, ever, by a factor of nearly 2x, trading $10.7B today. Additionally, roughly $900M in options premiums were traded today, also the highest ever for IBIT. Given these facts and the way $BTC and $SOL traded down in lockstep today (normally SOL trades with beta) + the relatively lower liquidations on CeFi exchanges, this leads me to believe that the nexus of the problem lies with a large IBIT holder. IBIT has become the #1 venue for BTC options trading, so my guess is that a hedge fund trading IBIT options is the culprit.

If you look at the 13F filings for IBIT (I like whalewisdom dot com), you'll find a number of interesting names that have the majority of their fund in IBIT. In fact, there are a few in there (not naming names) that have 100% of their fund in IBIT, which likely means no cross margin. In fact, the biggest reason to set up a fund to hold a single asset would be to isolate margin, so that if the trade blew up, the brokers wouldn't have claim to any other assets.

Interestingly, most of these giant, single asset funds are based in HK.

We know that Asian traders, particularly in China, have been deeply involved in the Silver and Gold trade. Silver was down 20% today, which was the 2nd largest 1 day move in a very long time (largest on Jan 30). We also know that the JPY carry trade has been unwinding at an increasingly rapid pace.

This leads me to think that the culprit for the IBIT blowup today was 1 or more HK-based non-crypto hedge funds. As @FranklinBi pointed out, the fund(s) being non-crypto would explain why no one sniffed them out. They would likely have few/no crypto counterparties, meaning complete isolation from CT.

The last small piece of evidence I have is that I personally know a number of HK-based hedge funds that are holders of $DFDV, which had the worst single down day ever, with a meaningful mNAV decline. The mNAV had been holding steady surprisingly well throughout this pull back until today. One of these fund(s) could have been connected to the IBIT culprit, as I highly doubt a fund taking that large of a position in IBIT and using a single entity structure would only have the one fund.

Now, I could easily see how the fund(s) could have been running a levered options trade on IBIT (think way OTM calls = ultra high gamma) with borrowed capital in JPY. Oct 10th could very well have blown a hole in their balance sheet, that they tried to win back by adding leverage waiting for the "obvious" rebound. As that led to increased losses, coupled with increased funding costs in JPY, I could see how the fund(s) would have gotten more desperate and hopped on the Silver trade. When that blew up, things got dire and this last push in BTC finished them off.

I have no hard evidence here, just some hunches and bread crumbs, but it does seem very plausible. Let's see if some more concrete evidence floats to the surface here soon. The smoking gun will be a large fund fitting this profile filing a 13F showing a giant IBIT holding going to zero. Unfortunately, if a fund had their IBIT position liquidated today, they wouldn't have to disclose the position change until 45 days after the quarter end, so we'd be looking at mid May for the smoking gun from 13F filings most likely.

Hopefully some of you out there with too much time on your hands this weekend can snoop around more. My guess is that word will start to get out, because something of this size is just too hard to hide. Additionally, if the broker was not able to liquidate the fund in time, the broker may have a hole in their balance sheet, which would be even more difficult to hide.

[Mikey Moon 🌕 @askmoonmike]

🤷 I guess you could say Bitcoin fixes this…too soon?

[The Star-Ledger @starledger]

N.J. investors scammed out of $1.5 million to foreign fraudsters https://t.co/UvGbMlLOd7

[Mikey Moon 🌕 @askmoonmike]

I am not getting enough attention for my shining moment.

[Mikey Moon 🌕 @askmoonmike]

🤷

[Mikey Moon 🌕 @askmoonmike]

While you are all deciphering the sick news about the pedos, these two adults are making delicious food, while turning the sexual energy to 1000%.

[Chef Andrew Gruel @ChefGruel]

This is my go-to foundation dip. It’s perfect cold, just as good warmed up, and it’s designed to take on any protein you want to fold in - chicken, beef, seafood, whatever’s in the fridge. Once you learn this base, you don’t need recipes. And it's cheaper and healthier than that pre-packed stuff. Get ready for your Super Bowl party. @LaurenGruel

[Chef Andrew Gruel @ChefGruel]

This is my go-to foundation dip. It’s perfect cold, just as good warmed up, and it’s designed to take on any protein you want to fold in - chicken, beef, seafood, whatever’s in the fridge. Once you learn this base, you don’t need recipes. And it's cheaper and healthier than that pre-packed stuff. Get ready for your Super Bowl party. @LaurenGruel

[Mikey Moon 🌕 @askmoonmike]

Look of a bro preparing for battle for all Americans, against, sadly, his own fellow Americans. Dude is a hero. @SecRubio

[Mikey Moon 🌕 @askmoonmike]

@JDVance Thanks for reposting the FULL video.

[Mikey Moon 🌕 @askmoonmike]

@HermesLux @grok @DefiantLs I was thinking the same thing. It’s insanity.

[Mikey Moon 🌕 @askmoonmike]

🤷

[Pop Crave @PopCrave]

Meghan Trainor has welcomed a baby girl named Mikey Moon via surrogate.

[Mikey Moon 🌕 @askmoonmike]

THIS right here, is the way. 🇺🇸🍔

[Steak 'n Shake @SteaknShake]

Starting March 1, Steak n Shake will give all hourly employees at its company-operated restaurants a Bitcoin bonus of $0.21 for every hour worked. 

Employees will be able to collect their Bitcoin pay after a two-year vesting period. Thank you, @Fold_app, for the assist.

We take care of our employees; they, in turn, take care of customers; and the results take care of themselves.

[Mikey Moon 🌕 @askmoonmike]

@HHSGov Why is this using kilograms

[Mikey Moon 🌕 @askmoonmike]

@fold_app https://t.co/Cvv2OfwiHK