G’day Folks,
I’ve just landed back in Australia after my trip to Seoul, and it looks like Bitcoin has taken another run at the ATH while I was in the air.
By far, the biggest theme of the Bitcoin Seoul conference was the emergence of Bitcoin Treasury companies, and they seem to be popping up everywhere.
I had many conversations with Bitcoiners about this, and the common thread was a mixture of fascination at the major structural bid they represent for BTC…
…and clear concern that many of them are almost certainly going to blow up eventually, creating and/or worsening the next bear market.
This is more or less my conclusion too, as not every CEO will have the grit to weather a bear, nor the reputation and size which Saylor does at Strategy.
Nevertheless, the trend of Bitcoin Treasury companies is early, but clearly accelerating, introducing a non-trivial source of buy side demand for Bitcoin above $100k.
Today, I’m going to run through a few key sectors of the market to assess the health of this rally. I’m going to focus on:
The bid coming from both ETFs and Bitcoin Treasury Companies.
How over/under heated the market is today.
Sell-side pressure which is counter-acting the move higher.
The build up of leverage in derivatives markets.
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
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