Bitcoin spent the day wobbling between 75.1k and 76.2k, a range of just $1,100. Compared with that huge 6% drop two days ago, it’s almost eerily quiet.
Da Chao, tell us why it’s so quiet.
Lately, Bitcoin hasn’t been looking at itself—it’s been watching the Nasdaq. The drop two days ago was driven down by AI stocks. With U.S. markets closed over the weekend, there’s nobody to lead the way, and Bitcoin doesn’t know where to go on its own, so it’s just grinding sideways.
Also, everyone who was going to run already did two days ago. More than a billion dollars’ worth of leveraged positions were wiped out overnight, and open interest in futures fell to its lowest level since mid-September. The reason it can’t be pushed down now is that there aren’t many people left who still have coins and want to sell.
But buyers haven’t stepped in either. U.S. ETFs are still seeing outflows, and everyone’s waiting for a reason to buy.
There’s one thing worth keeping an eye on. A hot topic on the Plaza today says Strategy has resumed issuing STRC for the first time in more than 170 days. For the past few weeks, it had been using cash to buy back STRC and support its price, without buying a single coin—leaving Bitcoin’s biggest potential buyer on the sidelines. If it starts issuing STRC again, money could flow back in, and Saylor’s stalled perpetual-motion machine might start running again.
So next week, Da Chao will be watching three things: whether the Nasdaq can stop falling when U.S. markets open on Monday, whether Strategy announces a Bitcoin purchase on Monday, and whether Bitcoin can hold the 75.2k low.
It already held 75.2k once two days ago, and it hasn’t broken below it today either. I’m holding the 77.8k long position, with the stop-loss still at 74.8k. I won’t touch it unless that gets hit. #StrategySTRC70天恢复发行
$BTC after more than
Da Chao, tell us why it’s so quiet.
Lately, Bitcoin hasn’t been looking at itself—it’s been watching the Nasdaq. The drop two days ago was driven down by AI stocks. With U.S. markets closed over the weekend, there’s nobody to lead the way, and Bitcoin doesn’t know where to go on its own, so it’s just grinding sideways.
Also, everyone who was going to run already did two days ago. More than a billion dollars’ worth of leveraged positions were wiped out overnight, and open interest in futures fell to its lowest level since mid-September. The reason it can’t be pushed down now is that there aren’t many people left who still have coins and want to sell.
But buyers haven’t stepped in either. U.S. ETFs are still seeing outflows, and everyone’s waiting for a reason to buy.
There’s one thing worth keeping an eye on. A hot topic on the Plaza today says Strategy has resumed issuing STRC for the first time in more than 170 days. For the past few weeks, it had been using cash to buy back STRC and support its price, without buying a single coin—leaving Bitcoin’s biggest potential buyer on the sidelines. If it starts issuing STRC again, money could flow back in, and Saylor’s stalled perpetual-motion machine might start running again.
So next week, Da Chao will be watching three things: whether the Nasdaq can stop falling when U.S. markets open on Monday, whether Strategy announces a Bitcoin purchase on Monday, and whether Bitcoin can hold the 75.2k low.
It already held 75.2k once two days ago, and it hasn’t broken below it today either. I’m holding the 77.8k long position, with the stop-loss still at 74.8k. I won’t touch it unless that gets hit. #StrategySTRC70天恢复发行
$BTC after more than
