And there it is: Jane Street was behind the 2022 crypto winter, destroying Terraform by first depegging the token and destroying the ecosystem, then pretending it would rescue Terra, while effectively it was soaking up what little value remained.
@KeyTryer OpenAI caused it on purpose.
They signed agreements for 40% of all wafers from two suppliers.
Kicker is, they donโt need it. They are warehousing the raw wafers so noone else can have them to starve the competition.
Meantime, we get the shaft.
Rarely seen by humans, a humpback whale birth is a truly special moment ๐ Now that it has entered the world, this humpback calf will spend the next 10 years of its life growing to its full adult size.
#IncredibleAnimalJourneys is now streaming on @DisneyPlus.
Flight attendant comes over intercom: โyour flight is oversold, I need two volunteers to take a flight this afternoon for a $300 voucher.โ
I spring into action. I was born for these moments. This is why I studied game theory. Literal tingles. I pull out my megaphone and address our boarding gate: โguys, they absolutely must off board at least two passengers or this bird isnโt taking off. Every 3 minutes they will increase their bid by $200. If we all hold out for 45 more minutes, 2 of us can make nearly 5 grand each. Textbook prisoners dilemma, this is (3,3) in its most visceral representation. Iโm not even going to give up my ticket but I know value when I see value. Letโs make Nash proud ladies and gentlemen. Do not acquiesce. Do not defect.โ
Anyhow 2 people immediately accepted $500 and I called them retards on my megaphone and was placed in a detention room by airport police. This is why we study game theory.
Everyone seems to be perplexed that BTC suddenly stopped following M2.
The reason this chart is broken is because liquidity that never actually reaches the markets can't bid up price.
It's a market plumbing issue.
BTC responds to who HAS the liquidity, not just how MUCH exists in aggregate.
You'll notice the correlation broke at almost the exact moment the RRP was run down. That was the moment we saw the TGA start sucking market tradable liquidity out of the system. Although global M2 still went higher the liquidity layer that actually touches the market trended lower due to the rebuild.
On top of this crypto as a whole and especially altcoins responds more to YOY liquidity MOMENTUM not just global M2 heading higher.
AKA how fast is liquidity rising or falling.
I've highlighted this before but every single altseason and major bull run lines up perfectly with YOY liquidity momentum exploding higher.
This is why alts have felt dead and not comparable to past cycles. There hasn't been enough momentum in liquidity for it to spill over into alts. That and BTC has been driven primarily by a really strong narrative coupled with ETF flows which basically for the first time allowed access into boomer retail money.
The M2 BTC chart should start to correlate again once we see market tradable liquidity start to move higher as well.
I believe our next major burst in YOY liquidity is due for 2026.
This will be crypto's first 5 year cycle.
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