Orange Member Letter - November 2024
Bitcoin has exploded out of the chopsolidation range, entering price discovery, and flipping silvers market cap in the process. The market is now in a new regime, and our analysis adjusts accordingly.
Dear Founding Members,
What a wild couple of weeks. Not only has there been a dramatic political shift since the US election, but Bitcoin is now in price discovery, and has just flipped silvers market cap.
In this months report, I try to develop a grounding for how I am thinking about this new regime of price discovery, including the foundation we are launching off, and the profit taking headwinds to watch out for. I also cover the simply incredible statistics surrounding the Bitcoin ETFs, which are breaking records left, right, and centre.
Bitcoin Monthly Report - November 2024
For November, our report titled Reaching New Altitudes covers the following topics:
Bitcoin entering price discovery, and flipping silvers market cap.
Cycle metrics to help orient ourselves to current conditions.
My assessment of the LTH sell-side pressure which is restarting.
Analysis of the incredible growth of the Bitcoin spot ETFs.
Developments in the liquidity profile of derivatives markets.
We hope this provides a valuable, and information dense tool to improve your intuition, and read of the Bitcoin market. We also hope it can inform your future discussions with clients, friends, and colleagues, and act as a unique reference point.