Trump, Pump, Dump
Just another chaotic weekend in Bitcoin. Today's post is a deep dive into onchain, spot, ETFs, and derivatives, as we try to make sense of last weekend's wild price action.
G’day Folks,
Another strange weekend…
The President of the United States tweeted out a set of questionable token tickers, with the implication they would be included in the US strategic reserve. This caused a significant rally in the majors, before completely retracing the move on Monday.
If you can believe it, the headline of this post is literally just a linear sequence of events of what happened…
I’ve never cared too much for the strategic reserve idea, but I would have thought publishing some formal Executive Order documentation has to be a better approach. We still don’t have clarity on whether this reserve is a ‘hold what they already have’, or an active buying campaign, but I personally default to expecting the former.
I can’t yet envision a world where the average American taxpayer is going to be overly pleased with taxpayer money being used to buy tokens, especially those which are being clearly lobbied by their billionaire founders.
In any case, I will not opine any further on the politics of our day, as no good ever comes from it. Instead, let me share some market wisdom that my mentor Doc Severson taught me many years ago:
You can’t trade the market you want, only the one that’s in front of you.
What is the market in front of us?
Equities are down.
Metals are down.
Bitcoin is down (and crypto even more).
Most importantly, uncertainty levels are up.
So with this in mind, we’re overdue for a deep dive into the current state of the Bitcoin market, and how investors have responded throughout this wild weekend.
With BTC prices tagging $78k late last week, flying back to $94k, and then selling back down to $85k, we sure have a lot of ground to cover today.
📈 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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