HODLed Coins Hit ATH & Macro Update with Nik Bhatia
Bitcoin has become a forgotten asset, top buyers are progressively bailing out at a loss, and dormant supply held by HODLers is back to all-time-highs.
G’day Folks,
Today we have a double header for you, with two analysis videos covering both the Bitcoin onchain and macro landscape.
Bitcoin onchain update with James, where we explore the record share of Bitcoin supply now held by Long-Term Holders, visualise how the supply structure has changed since the February capitulation event, and assess whether the recent sell-off has the hallmarks of a classic time-pain capitulation event.
Macro update with Nik Bhatia & James. In this discussion, we cover both the acceleration in AI CAPEX wave, why strength in the US Dollar is a warning shot for risk assets, and why Nik thinks of Scott Bessent as the ‘Secretary of Volatility’.
We’re in the phase of the bear market where the maximum number people drop off, driven away by severe boredom, frustration, and a lack of the requisite patience.
Markets that reach this apathetic stage tend to also be near their point of maximum opportunity, but only those with the grit to see the end of the movie are around to enjoy it.
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