That 87,000 spike doesn’t count as a real market move
The money hasn’t left—it’s just become more selective. That move to 87,000 on October 2 didn’t count as a real rally: U.S. jobs data came in softer than expected, Treasury yields plunged, and money rode that wave to push BTC above 87,000. Short liquidations topped $120 million. Three days later, BTC was back at 86,555, still 445 points below its previous high, and nobody was pushing it higher.
I’ve said it before: macro money only stops over in crypto. Once it’s rested, it checks out. That’s not the same as buying a house and settling in. A rebound fueled by data stops getting fed when the data runs out; a pullback triggered by data wakes up once the shock is over.
Something else is more interesting than the price. Bloomberg has built a dedicated stablecoin dashboard on its terminal, covering a $300 billion market, with on-chain data refreshed every hour. Traders aren’t the only ones watching: the American Bankers Association has filed a complaint with the OCC, taking aim at bank charters granted to crypto companies. Coinbase and Circle, the company behind USDC, are both on the list. The argument is that deposits are being siphoned away from traditional banks. The Clarity Act is stalled in Congress, while bankers haven’t turned away a single crypto deal.
SOL is currently at $121.22. Crypto-industry job openings tripled in September, topping 1,200, while the number of people applying for jobs fell. The money hasn’t lost its way; it just won’t go where nobody plans to stay.
Let’s compare notes this weekend: if BTC returns to 87,000, that’s money changing rooms. If that complaint moves forward by even one step, that’s the industry running a fever.
🐶 Come see the old horse’s little dog ✨🚀
The money hasn’t left—it’s just become more selective. That move to 87,000 on October 2 didn’t count as a real rally: U.S. jobs data came in softer than expected, Treasury yields plunged, and money rode that wave to push BTC above 87,000. Short liquidations topped $120 million. Three days later, BTC was back at 86,555, still 445 points below its previous high, and nobody was pushing it higher.
I’ve said it before: macro money only stops over in crypto. Once it’s rested, it checks out. That’s not the same as buying a house and settling in. A rebound fueled by data stops getting fed when the data runs out; a pullback triggered by data wakes up once the shock is over.
Something else is more interesting than the price. Bloomberg has built a dedicated stablecoin dashboard on its terminal, covering a $300 billion market, with on-chain data refreshed every hour. Traders aren’t the only ones watching: the American Bankers Association has filed a complaint with the OCC, taking aim at bank charters granted to crypto companies. Coinbase and Circle, the company behind USDC, are both on the list. The argument is that deposits are being siphoned away from traditional banks. The Clarity Act is stalled in Congress, while bankers haven’t turned away a single crypto deal.
SOL is currently at $121.22. Crypto-industry job openings tripled in September, topping 1,200, while the number of people applying for jobs fell. The money hasn’t lost its way; it just won’t go where nobody plans to stay.
Let’s compare notes this weekend: if BTC returns to 87,000, that’s money changing rooms. If that complaint moves forward by even one step, that’s the industry running a fever.
🐶 Come see the old horse’s little dog ✨🚀