the number that’s everywhere in headlines right now, the best August for Bitcoin since 2017, +23% month over month, sounds like the start of a new bull cycle
and meanwhile, over the weekend a liquidation wave has already passed—almost $110 million—and 80% of it is specifically longs, meaning part of this rally has already started eating itself through an overheated side even before any serious news
and the most interesting part is that all of this is happening right before the Jackson Hole Symposium and the PCE data—two events that traditionally move the entire market sharply in one direction or the other. The market is heading into the most important macro week already with overbought longs and positive funding
so when you see “the best August in 9 years,” it’s worth asking whether this is real fundamental growth in demand—or just the leverage that hasn’t had time to get cleared out yet. #USBitcoinETFsExtendInflowsToSixthDay
$BTC
and meanwhile, over the weekend a liquidation wave has already passed—almost $110 million—and 80% of it is specifically longs, meaning part of this rally has already started eating itself through an overheated side even before any serious news
and the most interesting part is that all of this is happening right before the Jackson Hole Symposium and the PCE data—two events that traditionally move the entire market sharply in one direction or the other. The market is heading into the most important macro week already with overbought longs and positive funding
so when you see “the best August in 9 years,” it’s worth asking whether this is real fundamental growth in demand—or just the leverage that hasn’t had time to get cleared out yet. #USBitcoinETFsExtendInflowsToSixthDay
$BTC
