bad news is we don't go straight to hades after May opex: estimate is 3.4%, lower than last month's, ~expected since YoY comp was 'favorable'
good news is AI stonks & AI crypto likely have a good run into Jun 7 CPI estimate (next checkpoint), possibly into Jun 12 cuz HUGE Q-opex
someone removing $25M in stables from exchanges every ~5 minutes for the last 2 hrs (1)
similar signature on 13 March, while USDC was depegged, in $126M clips (2)
can't recall other such instances in last few years
any ideas?
We gifted
@zachxbt
$50k because we believe those that provide real value to this space need to be protected at all costs.
Perhaps we'd see less hacks if we rewarded people like Zach over the reality TV influencers that stir up drama for engagement.
Who steps up next?
5 batches a year, & the 1st batch on Day 73/365 (exactly 1/5 the year)? there are no COINcidences
some quick mental maffs tells me the remaining 4 batches will be sold on days 146 (May 26), 219 (August 7), 292 (October 19) & 365 (December 31)
bullish
[DB] US Govt Sold 9,800 BTC on March 14, Intends to Sell a Further 41,500 BTC Connected to Silk Road in Four Batches Over the Course of the Year: Court Filing
there's actually no point telling normies ye got fucked on FTX
they don't understand your journey, no sympathy for the (formerly) crypteau riche & you're just going to get 10-100x angrier by the end of the convo
just have to make it all back so that there's no story to tell
anyone have thoughts on what appears to be the single largest hourly stablecoin withdrawal reading from exchanges, today? (it's top 10 transactions but imo decent proxy)
i used to think of this as an urgent withdrawal of bid-side liquidity, several high readings last 7 days too
think about how insane these actions are in the tardfi context
Founder selling equity without official disclosure (no official info about early allocations' breakdown either), while customer holdings are trapped in the company's interest bearing product, with no set release date
Wait a second, Vitalik didn’t even stake his ETH 😂
He just sent $40 million worth of his ETH to an other address.
Imagine being stuck in the ETH staking ponzi with no timeline for getting liquidity and watching Vitalik send his premine around all liquid and shit.
@deedydas
imo a Chinese cast for an Oxford adaptation wouldn't make sense, the aim should be to reflect Oxford scientist & engineer demographics & values
precedent: Scorcese's The Departed, US adaptation of HK film Internal Affairs
+composite characters are often useful & used in film/tv
if BlackRock ETF can't get us from $25K to $35K minimum while tardfi flows are also supportive (till ~July 19), just gotta accept the participant profile has changed quite a bit -- not as much credit available to lever up, not as many reckless apes, etc.
or they know something🤔
who's ready for the echo bubble exit pump? (HIGH RISK)
scaling back in, 10% at a time, over the next few days. max size above 23250 1D
targeting 1800 on ETH, hopefully 2000 (hehe)
pump window might be tiny (7-10 days if brutal NFP), will look to tp &/or fill shorts from Mar 10
gud job every1 but it's time to scale into shorts now
25000-27000 ideally but 48-72H TWAP also p gud, targeting 19000-21000 (much worse on ETH)
dump likely to be brutally fast n furious, if ye don't have limit tp's ye gon miss a few % on the wick
2 of the biggest issues plaguing CT traders:
1. overfitting/extrapolating based on limited data
2. astrology/fooled by randomness
you're instantly 99th percentile+ if you're aware of & can overcome these, but ye must know that even CT's top tier suffers from em to some extent
portfolio down 85% since FTX - will have to trade extremely selectively going fwd
US Liquidity management somehow becoming less clear to me over time lol
+ urge to make it all back in 1 trade too strong, must be managed
looks like it's gonna take years for portfolio ATHs sigh
it's just untradable, esp. for my style, unless you're able to anticipate macro & Fed actions well ahead of time
or just copytrade gcr, huss, CL, mgnr lol
the crypto cycle is GCR saying something somewhere once, followed by increasingly stupider versions of the text peddled by CT influenza tryna pass it off as their own thoughts, till someone comes up with a version so bastardized, that it ends the cycle, only for another to begin
debt limit has been hit, Treasury General Account (TGA) typically rapidly draws down thereafter (injecting liquidity) & speculators typically run with it pounding the green button until TGA gets <$100B or sucks in liquidity instead
crypto is a liquidity-driven speculative casino
issue0 details such a coherent backstory & pedigree that it's difficult to imagine a better fit for molly's skills, chosen path & accumulated xp than precisely what she's decided on
tru internet hero imo, very principled with a great history of thankless & comp-less work, subbed
i've launched a patreon and a newsletter!
has the full story, and some updates on what i've been up to and some exciting things coming up.
i would be enormously grateful if you would join or share!
in crypto & in life, one must never underestimate the cartel's ability to turn on the jets during opportune periods
anticipating the cartel's moves is ~the entire game these days
my bags are packed, & hopefully the next 7-10+ days is a party worthy of concluding the echo bubble
who's ready for the echo bubble exit pump? (HIGH RISK)
scaling back in, 10% at a time, over the next few days. max size above 23250 1D
targeting 1800 on ETH, hopefully 2000 (hehe)
pump window might be tiny (7-10 days if brutal NFP), will look to tp &/or fill shorts from Mar 10
the skill required for trading levered longs profitably long-term is extremely high
basically every time you'd actually want to be levered in BTC's history, you'd find great reasons (FUD) to not be
& everytime you're easily able to put on leverage, it's prolly a bad time innit
if people could actually discern elite traders, they'd be one themselves
many made their fortunes simply getting lucky riding a historic bull market
there's several purported 8+ figure 'traders' with 1000s of tweets, that haven't expressed anything insightful, even by accident
June 2023 - Feb 2024 BTC price is a live speculative ETF approval prediction market with lower bound (ETF rejection) $25K & upper bound (ETF approval) $1T mcap i.e. $53K
balchunas current estimate = 50%, rejection only possible >= 45 days after BlackRock 19b4
should be up only
@pear_protocol
@NarrativesPod
@hufhaus9
@STFX_IO
@MustStopMurad
STFX is just super inspiring -- PMF's there, vision's very practical, love that y'all are not just jumping to higher limits even after several months since launch, & keep shipping incremental improvements
really enjoying following idea->execution in real time, rooting for y'all!
hardships are guaranteed (recently learnt that the FTX rug was only the 2nd worst thing to happen to me in 2022)
you mustn't dwell on whether they're 'deserved', only that they must be overcome - grit, perseverance, inspiration & creative problem-solving can help you on your way
atm imo this is the likeliest path:
1. stonks & crypto rally till Mar 10 NFP
2. bad NFP Mar 10 sinks everything, bad CPI Mar 14 kills everything till Mar 22 FOMC
3. 25 bps at FOMC leads to a bounce
#FederalReserve
hiking 50 after hiking 25 send far stronger signal, unlike just hiking 50 in the first place
its increase credibility, shows true data dependency and central bank resolve to fight inflation as needed and do nothing as needed
fiscal dominance = Yellen (fiscal) dominance over Powell (monetary), therefore QRAs & TGA are more important for markets than FOMCs & Fed B/S going fwd
also means BTC & Gold unaffected by monetary auth/high rates, & the fiscal authority is doing Trillions in QE cuz election year
gud job every1 but it's time to scale into shorts now
25000-27000 ideally but 48-72H TWAP also p gud, targeting 19000-21000 (much worse on ETH)
dump likely to be brutally fast n furious, if ye don't have limit tp's ye gon miss a few % on the wick
if the events depicted in the The Big Short are accurate, burry handled the trade disastrously, about as bad as one could have with the anaylsis at his disposal
& i believe he's been p lame since that trade?
there's so few who really understand what they're talking about
so many that've made famous top/bottom calls but didn't really understand the mechanism behind em, fluke
might publish a list of actually great traders - kinda obvious list, but some not proportionately appreciated
imo this depends on when the US defaults & the commodity supercycle begins
PoS (& perhaps other ARKK-y stuff) only gains big traction in the very last inning of an artificially low interest rate regime with colossal debasement & investment outlooks are shaped by the same 'water'
the problem is it now feels like hard work when it felt like play earlier
im so fucking tired, brain's turned to mush. everything takes twice as long, everything is twice as hard
much angrier than tired tho (might largely be ct-influenza-driven) so the trudge continues. forever
there's actually no point telling normies ye got fucked on FTX
they don't understand your journey, no sympathy for the (formerly) crypteau riche & you're just going to get 10-100x angrier by the end of the convo
just have to make it all back so that there's no story to tell
would prefer all negative catalysts in a compressed timeframe thx
high CPI, FOMC minutes focus on inflation much higher than 2% target, TGA tax day April 18, DoJ action, Shanghai boondoggle, RRP suck, US Govt BTC selling timeline accelerated, MOVE index > 150, etc.
any others?
BTC has fundamentals & plausible narratives for ~all kinds of financial conditions
liquidity proxy, hard money, energy derivative during peak cheap energy, growth asset, commodity, neutral uncensorable sovereign reserve candidate, sovereign bond CDS, etc.
the ultimate asset :')
next year or so of tardfi trading on autopilot:
1. long ARKK till blowoff top for up to 50%
2. short ARKK till Fed intervenes for 50%
3. long GDXJ for a couple months for 100%
4. short ARKK till Fed intervenes for another 50%
5. long GDXJ for a couple months for another 100%
over 1-2 months ye, but it's not the liquidity directly driving price imo, it's just that speculators are cushioned from a macro nuke while the TGA draws down so they feel safe to gamble lol
should retrace a big chunk of the pump when TGA rebuild starts from $80B to $700B+ later
a new crypto cycle has begun with that GCR tweet
cryptonatives will bid every single dip from here, until they're rich or lose ~everything
it's external capital that determines whether prev cycle ATH can be overcome for good
ETF flows likely amplify BTC PA in both directions
the crypto cycle is GCR saying something somewhere once, followed by increasingly stupider versions of the text peddled by CT influenza tryna pass it off as their own thoughts, till someone comes up with a version so bastardized, that it ends the cycle, only for another to begin
molly's (
@molly0xFFF
) newsletter is now on substack at
i think she's doing incredibly important work (details: ), & going forward it looks like we'll be getting more crypto deep dives from her, in addition to weekly updates🤘
issue0 details such a coherent backstory & pedigree that it's difficult to imagine a better fit for molly's skills, chosen path & accumulated xp than precisely what she's decided on
tru internet hero imo, very principled with a great history of thankless & comp-less work, subbed
there's many CT accounts that started off wanting to become traders (or LARPed as traders from day 1), but gradually subconscously pivoted to cringe influenza thru a virtuous (vicious) cycle of their cringiest posts being rewarded with the highest engagement of all their tweets😅
if saylor is to be liq'd, that's the short you absolutely have to nail, because there might not be a good crypto trade for a while after that
if not, it's business as usual, just keep dancing to the Fed-Treasury liquidity tune & you'll have enough opportunities to make it back
if DCG situation is resolved by accepting creditor committee terms (which reduces/eliminates the need for DOJ action &/or liquidation of assets), we've likely bottomed already, given macro might be cushioned for 1-2 months by $350B TGA warchest, assuming RRP sideways
binance funding finally seems to be normalizing from absurd levels last few days
think (hope) the jig is up, we should go down 80% from here
if anyone thinks this is stupid, speak now