$83,062—it surged, then fell back.
Bitcoin touched $83,062 intraday, then plunged to a low of $81,678. That same day, the KOSPI closed up 1.76% at 5,768, while the Nasdaq was up 1.5% at the time.
Stocks are rising, but crypto isn’t following. It’s not that crypto is weak—the range just hasn’t broken out yet.
Why can’t it break out? Sell orders above $83,000 keep piling up, and every time the price gets close, it gets pushed back down. Meanwhile, the 10-year Treasury yield is still pinned at 5.13%, and the 30-year yield is at 5.46%. Until that wall of interest rates comes down, QCP’s message is clear: unless the bond market stabilizes, stock-market deleveraging could spill over at any moment, and the $80,000 level will have to be tested again and again.
There’s another number moving in a different direction: Binance’s share of whale deposits has fallen from 0.54 in early October to 0.45. The share of big money moving onto exchanges is declining.
Liquidations over 24 hours totaled $335 million. Leverage is still being flushed out, and the range is still in place.
It’s not that crypto is weak—it’s that the range hasn’t broken out yet. For now, watch whether the 10-year yield can come down.
Bitcoin touched $83,062 intraday, then plunged to a low of $81,678. That same day, the KOSPI closed up 1.76% at 5,768, while the Nasdaq was up 1.5% at the time.
Stocks are rising, but crypto isn’t following. It’s not that crypto is weak—the range just hasn’t broken out yet.
Why can’t it break out? Sell orders above $83,000 keep piling up, and every time the price gets close, it gets pushed back down. Meanwhile, the 10-year Treasury yield is still pinned at 5.13%, and the 30-year yield is at 5.46%. Until that wall of interest rates comes down, QCP’s message is clear: unless the bond market stabilizes, stock-market deleveraging could spill over at any moment, and the $80,000 level will have to be tested again and again.
There’s another number moving in a different direction: Binance’s share of whale deposits has fallen from 0.54 in early October to 0.45. The share of big money moving onto exchanges is declining.
Liquidations over 24 hours totaled $335 million. Leverage is still being flushed out, and the range is still in place.
It’s not that crypto is weak—it’s that the range hasn’t broken out yet. For now, watch whether the 10-year yield can come down.