Whipsaw

The market is as choppy as ever, and everyone's portfolio is being whipped in both directions. My goal is to filter the noise and narrative, and focus on the opportunities that a little chaos brings.

G’day Folks,

After a whirlwind tour of the US, the checkonchain team is back on Australian soil, has moved house, recovered from illness…and the Bitcoin price is exactly where we left it. I unplugged my blockclock on 3-July ($61.5k), and here we are on 3-August and the price is…$61.5k. I literally double checked if my internet was working.

The chop-solidation thesis continues to pay dividends.

Yet, over the last month, a whole lot has changed!

• The German Government liquidated 48k BTC, taking the price down to $53.5k.

• The market ripped back above $69k getting everyone worked up for new ATHs.

• Mt Gox has distributed 76.2k BTC, which is 53.7% of the total.

• Two US presidential candidates shilled Bitcoin at the conference in Nashville.

And these are only the major events directly related to Bitcoin. The world of macro is also wading through choppy waters, with recession fears brewing, major equity indices selling off, bonds rallying, and the Japanese Yen continuing to strengthen.

In this piece, I will step through how I personally process market conditions during times like this. I start with the big picture macro, and then zoom into my favourite onchain tools I use find ideal DCA opportunities.

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