Bitcoin Breaks $84,000: The Truth Behind a 77% Adoption Index
Bitcoin has topped $84,000, and Fidelity’s adoption index has reached 77%. But with the global banking adoption index at 34%, institutions as a whole are still in the early stages.
Some are calling this the start of a new bull market. I see it as nothing more than a bubble of optimism. JPMorgan is at 47% and BNY at 46%—nearly half of traditional banks, but nowhere near widespread adoption.
As retail investors chase the rally, the real story lies in the gap between the banking adoption index at 34% and leading institutions at 77%. Keep a close eye on large on-chain transfers and changes in options positions.
When the tide goes out, those swimming naked will find themselves shivering on the cold shore.
#BitcoinBreaks$84,000 $BTC
Bitcoin has topped $84,000, and Fidelity’s adoption index has reached 77%. But with the global banking adoption index at 34%, institutions as a whole are still in the early stages.
Some are calling this the start of a new bull market. I see it as nothing more than a bubble of optimism. JPMorgan is at 47% and BNY at 46%—nearly half of traditional banks, but nowhere near widespread adoption.
As retail investors chase the rally, the real story lies in the gap between the banking adoption index at 34% and leading institutions at 77%. Keep a close eye on large on-chain transfers and changes in options positions.
When the tide goes out, those swimming naked will find themselves shivering on the cold shore.
#BitcoinBreaks$84,000 $BTC