Mek
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Mek
Trader Institutional & Analyst since 2018 · Binance KOL & BNBChain Martian. Building at Web3 and Sovereign Infrastructure.
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Janet Yellen confirmed, without realizing it, why Washington will never let crypto die.🔥
In São Paulo this week, she said that stablecoin growth strengthens the dollar, even as the central bank of the entire world tries to reduce dependence on the American currency.
Most stablecoins are backed by the U.S. dollar, and each one that is created anywhere in the world extends the reach of the American currency into an economy that was trying to escape it.
That explains the real reason behind the U.S. government’s support for the crypto sector: keeping the dollar relevant in an era when the dollar reserve has already fallen from 70% to around 50% of the world’s total.
It has very little to do with solving the more than $37 trillion in debt, which is the most repeated talking point on the subject.
That’s exactly why the rest of the world is scrambling to catch up. Game theory is simple here: whoever doesn’t build their own track is stuck on someone else’s track.
That’s how B3 announced a real-backed stablecoin yesterday, and that’s how central banks have been buying gold at a record pace.
Each country responding to the same American move with the tool it has.
For the Brazilian investor, what matters here is that crypto has become a permanent part of America’s geopolitical strategy—more than whether the dollar will fall or not.
This makes the sector more protected from regulatory persecution in the U.S. than most people think.
In São Paulo this week, she said that stablecoin growth strengthens the dollar, even as the central bank of the entire world tries to reduce dependence on the American currency.
Most stablecoins are backed by the U.S. dollar, and each one that is created anywhere in the world extends the reach of the American currency into an economy that was trying to escape it.
That explains the real reason behind the U.S. government’s support for the crypto sector: keeping the dollar relevant in an era when the dollar reserve has already fallen from 70% to around 50% of the world’s total.
It has very little to do with solving the more than $37 trillion in debt, which is the most repeated talking point on the subject.
That’s exactly why the rest of the world is scrambling to catch up. Game theory is simple here: whoever doesn’t build their own track is stuck on someone else’s track.
That’s how B3 announced a real-backed stablecoin yesterday, and that’s how central banks have been buying gold at a record pace.
Each country responding to the same American move with the tool it has.
For the Brazilian investor, what matters here is that crypto has become a permanent part of America’s geopolitical strategy—more than whether the dollar will fall or not.
This makes the sector more protected from regulatory persecution in the U.S. than most people think.
The realized volatility of Bitcoin over the past year ended the second quarter at around 42%.
Staying near multi-year lows despite the price drop seen during the quarter.
Staying near multi-year lows despite the price drop seen during the quarter.
Whales are getting more and more exhausted in bitcoin.
Short-term holders’ SOPR is producing smaller and smaller peaks with each new capitulation.
An exhausted seller is a classic sign of an advanced bear market phase—not a mid-cycle one.
This is exactly where people who wait for the ideal bottom confirmation historically miss the discount and end up buying back more expensively.
Not because bitcoin can’t fall further than the previous low, but because betting all your chips on a specific level is how retail usually loses momentum.
Both downward and upward.
You don’t need to nail it perfectly, and a lot of the people trying to do that today will capitulate.
Short-term holders’ SOPR is producing smaller and smaller peaks with each new capitulation.
An exhausted seller is a classic sign of an advanced bear market phase—not a mid-cycle one.
This is exactly where people who wait for the ideal bottom confirmation historically miss the discount and end up buying back more expensively.
Not because bitcoin can’t fall further than the previous low, but because betting all your chips on a specific level is how retail usually loses momentum.
Both downward and upward.
You don’t need to nail it perfectly, and a lot of the people trying to do that today will capitulate.
Bitcoin continues to be the most solid asset in the market.
Even so, most of it remains idle.
The reason is structural: to put BTC into DeFi, almost all current solutions require wrapping, bridges, or custodial delivery. This creates counterparty risk and dilutes the asset’s original nature.
The @BabylonLabs_io for Trustless Bitcoin Vaults (TBV) were designed to eliminate this trade-off.
BTC remains on the Bitcoin network itself, locked in a self-custodial vault created and controlled by the holder. Each vault is isolated. There is no fund mixing. There is no rehypothecation. There is no intermediary with discretionary power over the asset.
Programmability happens via cryptographic proofs, not via trust in third parties.
The first operational vertical on the public testnet already allows using native BTC as collateral on Aave v4 to access liquidity in stablecoins, while keeping the keys at all times.
For anyone operating at volume or thinking in terms of capital efficiency, the difference is clear:
- Liquidity without giving up custody.
- Utility without turning Bitcoin into a synthetic asset.
Premium infrastructure doesn’t promise easy yield.
It removes real frictions and raises the security standard of using BTC on-chain.
NFA | DYOR $BABY #baby
Even so, most of it remains idle.
The reason is structural: to put BTC into DeFi, almost all current solutions require wrapping, bridges, or custodial delivery. This creates counterparty risk and dilutes the asset’s original nature.
The @BabylonLabs_io for Trustless Bitcoin Vaults (TBV) were designed to eliminate this trade-off.
BTC remains on the Bitcoin network itself, locked in a self-custodial vault created and controlled by the holder. Each vault is isolated. There is no fund mixing. There is no rehypothecation. There is no intermediary with discretionary power over the asset.
Programmability happens via cryptographic proofs, not via trust in third parties.
The first operational vertical on the public testnet already allows using native BTC as collateral on Aave v4 to access liquidity in stablecoins, while keeping the keys at all times.
For anyone operating at volume or thinking in terms of capital efficiency, the difference is clear:
- Liquidity without giving up custody.
- Utility without turning Bitcoin into a synthetic asset.
Premium infrastructure doesn’t promise easy yield.
It removes real frictions and raises the security standard of using BTC on-chain.
NFA | DYOR $BABY #baby
B3 has just admitted that the future of the Brazilian stock exchange runs on the infrastructure of digital assets.
The exchange confirmed it will launch its own stablecoin, B3RL, in the coming months, and tokenized assets as early as the beginning of 2027, with trading 24 hours a day.
It’s the same move we saw this week in other markets—tokenized equities growing fast, now reaching the official Brazilian exchange itself.
The exchange and the on-chain economy stop being two separate worlds in a matter of months, not years.
The exchange confirmed it will launch its own stablecoin, B3RL, in the coming months, and tokenized assets as early as the beginning of 2027, with trading 24 hours a day.
It’s the same move we saw this week in other markets—tokenized equities growing fast, now reaching the official Brazilian exchange itself.
The exchange and the on-chain economy stop being two separate worlds in a matter of months, not years.
Volatility expansion scent 👀
While the Equity VIX is sleeping peacefully, the Public Title VIX has already been awake for five straight days.
The MOVE Index, which measures the implied volatility of the U.S. Treasury market, is up nearly 5% just today, for the fifth consecutive day of gains.
This index historically moves before the VIX, because stress in the public bond market is the foundation of the entire capital structure—and it takes time to spread to other risk assets.
When the MOVE rises consistently, it’s usually the first warning, not the last.
Risk moves inversely to vol in TradFi, and a vol spike here should also generate one in bitcoin.
I would be careful with short-range leverage next week specifically.
While the Equity VIX is sleeping peacefully, the Public Title VIX has already been awake for five straight days.
The MOVE Index, which measures the implied volatility of the U.S. Treasury market, is up nearly 5% just today, for the fifth consecutive day of gains.
This index historically moves before the VIX, because stress in the public bond market is the foundation of the entire capital structure—and it takes time to spread to other risk assets.
When the MOVE rises consistently, it’s usually the first warning, not the last.
Risk moves inversely to vol in TradFi, and a vol spike here should also generate one in bitcoin.
I would be careful with short-range leverage next week specifically.
671 million people already own tokenized share on-chain. Ten months ago there were only 70 thousand. 🔥
The number of holders grew 73% just in the last month, and 449% over the year. Solana accounts for 85% of all the volume of these shares on the blockchain.
The reason for the recent acceleration isn’t only more people buying—it’s people buying outside the hours that no stock exchange is open.
Nearly 70% of the volume from the last 30 days happened on weekends or after business hours.
The traditional stock market closes at night and on weekends.
Tokenized shares never close, and investors are moving to a product that respects their schedule, not the institution’s.
This is the third piece of data from the week confirming the same pattern: capital is moving out of traditional fixed-schedule structures and physical banks, going directly into blockchain that runs 24 hours.
People aren’t paying enough attention to how fast this is growing. The on-chain economy is growing—and much stronger than I imagined. #stocks
The number of holders grew 73% just in the last month, and 449% over the year. Solana accounts for 85% of all the volume of these shares on the blockchain.
The reason for the recent acceleration isn’t only more people buying—it’s people buying outside the hours that no stock exchange is open.
Nearly 70% of the volume from the last 30 days happened on weekends or after business hours.
The traditional stock market closes at night and on weekends.
Tokenized shares never close, and investors are moving to a product that respects their schedule, not the institution’s.
This is the third piece of data from the week confirming the same pattern: capital is moving out of traditional fixed-schedule structures and physical banks, going directly into blockchain that runs 24 hours.
People aren’t paying enough attention to how fast this is growing. The on-chain economy is growing—and much stronger than I imagined. #stocks
And the pattern repeats...
Retail sold 78 thousand bitcoins in the last quarter.
Institutional bought 115 thousand BTCs in the same period.
While whales add to their position, the average investor hands over the coin at exactly the time when it’s cheap.
It’s rare, but it happens a lot.
Congratulations, lettuce hand.
Retail sold 78 thousand bitcoins in the last quarter.
Institutional bought 115 thousand BTCs in the same period.
While whales add to their position, the average investor hands over the coin at exactly the time when it’s cheap.
It’s rare, but it happens a lot.
Congratulations, lettuce hand.
Incredible how Binance has been dominating this institutional model
Binance Blog
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ETF Perpetuals on Binance: From Zero to 74% of the Market in 90 Days
Main TakeawaysBinance commands a 74% share of total ETF TradFi-Perp volume, roughly US$116 billion – up from an 18% share at launch in March 2026.The platform’s lineup now spans 146 TradFi perpetual pairs, with 35 added in the past month, covering broad indices, semiconductors, country themes, plus leveraged and inverse strategies.In July, ETF perps made up 19% of all TradFi-perp trading on the platform, with leveraged sector exposures among the most-traded names.Over the past few months, global ETF volumes have recently hit a record $23 trillion, and that appetite has carried over into the crypto world. As TradFi ETF perps gain traction, the data shows Binance has captured the clear majority of the volume.It’s one more sign that Binance is becoming the home base for the modern investor, who increasingly wants crypto alongside a broad suite of traditional finance products, including stocks, perps, and tokenized securities, all under a single roof.The Numbers Behind the LeadIn just a matter of months, ETF perps have gone from nonexistent to a rapidly expanding market worth over $116 billion – and Binance handles 74% of it, up from 18% when the category first launched in March 2026. ETF perps also now make up 19% of all TradFi-perp trading.Part of Binance’s rapid growth in the sector can be traced back to liquidity, which has a way of compounding. Deeper order books mean tighter spreads and less slippage, which draws in more traders, whose activity only deepens the books further – in short, a liquidity flywheel. Liquidity, however, is only part of the picture. A closer look at what Binance users trade highlights why certain ETF exposures attract outsized interest in perpetual futures form.Multiple Ways to Express Market ViewsBinance’s TradFi perpetual lineup now includes 146 pairs, with 35 added in the past month alone. Coverage includes: broad-market ETFs, such as SPY and QQQ; sector themes, such as semiconductors; country themes; plus leveraged and inverse products.Trading activity also clusters in exposures that can be harder to reach through traditional routes — whether by time zone or by jurisdiction. This type of pattern can occur when traders prefer 24/7 access and derivatives mechanics, including the ability to go long or short and use leverage, instead of trading only during an ETF's market hours.Final ThoughtsETF perpetuals remain small compared with traditional ETF markets, which trade in the trillions of dollars per month. Even so, the growth of ETF perpetuals indicates rising demand for products that connect crypto trading infrastructure with TradFi-linked exposures.It’s also just one piece of Binance’s financial super app vision. Our users can express their market views through an entire lifecycle of products: perpetual futures, direct stock trading settled in stablecoins, and tokenized securities on-chain. Each product runs on its own infrastructure but can all be accessed on Binance. Traders can move between a broad menu of both crypto and TradFi-linked products with deep liquidity and intuitive tools. For traders, that means fewer platforms, and more ways to express a view.Further ReadingThe Future of Finance is Tokenized168 Hours a Week: How Binance is Extending TradFi AccessTradFi Perpetuals on Binance: Trade Commodities and Stocks 24/7Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. TradFi Perps are subject to high market risk and price volatility (particularly outside traditional market hours). You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. All of your margin balance may be liquidated in the event of adverse price movement. Past performance is not a reliable predictor of future performance. TradFi Perps do not represent ownership of the relevant underlying asset. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use, Clearing Rules, Clearing Procedures, Contract Specifications and Risk Warning.
Verified
The BNB Chain H2 roadmap is focused on three priorities:
→ Core execution: Faster, more stable performance
→ Ecosystem growth: More support for builders and institutions
→ Innovation pipeline: Building the next generation of L1
→ Core execution: Faster, more stable performance
→ Ecosystem growth: More support for builders and institutions
→ Innovation pipeline: Building the next generation of L1
People who never had an account at an international bank became the force that buys tokenized stock more than anyone in the world.
The tokenized stock market grew from $329 million to $1.7 billion in one year, five times larger.
And 84.5% of all tokenized stock volume on Binance comes from emerging market users—people traditional brokerages never served properly.
Buying U.S. stock has always required an account at an international brokerage, currency conversion, and a minimum deposit of up to $10,000. That’s no longer necessary to get exposure now.
Tokenization solves this with settlement in stablecoin and a $5 ticket.
This is a structural trend that’s likely to gain a lot of momentum in the coming years. Crypto investors will be able to get exposure in TradFi via on-chain more and more.
The tokenized stock market grew from $329 million to $1.7 billion in one year, five times larger.
And 84.5% of all tokenized stock volume on Binance comes from emerging market users—people traditional brokerages never served properly.
Buying U.S. stock has always required an account at an international brokerage, currency conversion, and a minimum deposit of up to $10,000. That’s no longer necessary to get exposure now.
Tokenization solves this with settlement in stablecoin and a $5 ticket.
This is a structural trend that’s likely to gain a lot of momentum in the coming years. Crypto investors will be able to get exposure in TradFi via on-chain more and more.
BTC idle capital.
Less than 1% of Bitcoin participates in DeFi today. The reason is simple: almost all solutions require you to hand over custody via wrappers or bridges.
The Trustless Bitcoin Vaults (TBV) at @BabylonLabs_io solve this differently. Your BTC stays on the Bitcoin network itself, locked inside a self-custodial vault created by you. No wrapping. No bridge. No intermediary.
Each vault is isolated. Your balance doesn’t mix with anyone else’s and can’t be reused by third parties. You hold the keys at all times.
The first use case is already live on the public testnet: using native BTC as collateral on Aave v4 to borrow liquidity in stablecoins. Deposits and redemptions are guaranteed by cryptographic proofs—not by trust in third parties.
Anyone still leaving BTC idle while this infrastructure already exists is simply losing capital efficiency.
Do you leave your BTC idle, or are you looking for products like this?
$BABY #baby @BabylonLabs_io
Less than 1% of Bitcoin participates in DeFi today. The reason is simple: almost all solutions require you to hand over custody via wrappers or bridges.
The Trustless Bitcoin Vaults (TBV) at @BabylonLabs_io solve this differently. Your BTC stays on the Bitcoin network itself, locked inside a self-custodial vault created by you. No wrapping. No bridge. No intermediary.
Each vault is isolated. Your balance doesn’t mix with anyone else’s and can’t be reused by third parties. You hold the keys at all times.
The first use case is already live on the public testnet: using native BTC as collateral on Aave v4 to borrow liquidity in stablecoins. Deposits and redemptions are guaranteed by cryptographic proofs—not by trust in third parties.
Anyone still leaving BTC idle while this infrastructure already exists is simply losing capital efficiency.
Do you leave your BTC idle, or are you looking for products like this?
$BABY #baby @BabylonLabs_io
BUYING BITCOIN ETFS DOUBLED IN ONE WEEK 🚨
There were $900 million in net inflows last week, the largest flow since early May, accelerating sharply from the $197 million in the previous week.
The IBIT, the world’s largest bitcoin ETF, led with $193 million, after $282 million in the prior week. Monday and Tuesday of this week alone already totaled another $279 million in that fund, putting July on track for the best month since April.
This comes after outflows of $8.2 billion between May and June, the worst streak in the history of these ETFs.
Even with this recovery, the year-to-date balance is still negative by about $5.4 billion. It’s a real turnaround, not a full reversal yet.
Meanwhile, whales accumulated more than 66 thousand bitcoins over the same period, even as retail remains hesitant.
Institutional buyers are back at it right when the average Brazilian is still watching the war-and-interest-rate news.
Have the winds already turned?
There were $900 million in net inflows last week, the largest flow since early May, accelerating sharply from the $197 million in the previous week.
The IBIT, the world’s largest bitcoin ETF, led with $193 million, after $282 million in the prior week. Monday and Tuesday of this week alone already totaled another $279 million in that fund, putting July on track for the best month since April.
This comes after outflows of $8.2 billion between May and June, the worst streak in the history of these ETFs.
Even with this recovery, the year-to-date balance is still negative by about $5.4 billion. It’s a real turnaround, not a full reversal yet.
Meanwhile, whales accumulated more than 66 thousand bitcoins over the same period, even as retail remains hesitant.
Institutional buyers are back at it right when the average Brazilian is still watching the war-and-interest-rate news.
Have the winds already turned?
Bitcoin trader stopped paying for downside protection.
But new capital inflow hasn’t returned yet.
The ratio of puts to calls in open interest dropped to 0.56, the 2026 low. For every open put, there are almost two calls.
This is lack of selling, not a resumption of buying. The 30-day volume is running at 62% of the annual average, and CME futures open interest fell to the lowest level since 2023.
It matches what we’ve been covering all week. A whale accumulating, long-term holders stopping capitulation, the market reacting less and less to bad news.
Now even the options order book shows the same signal—fear exiting before any real new conviction arrives.
A tired seller is the first half of a cycle fund. The second half—new capital actually entering—hasn’t arrived yet.
But is it worth waiting for a full return?
But new capital inflow hasn’t returned yet.
The ratio of puts to calls in open interest dropped to 0.56, the 2026 low. For every open put, there are almost two calls.
This is lack of selling, not a resumption of buying. The 30-day volume is running at 62% of the annual average, and CME futures open interest fell to the lowest level since 2023.
It matches what we’ve been covering all week. A whale accumulating, long-term holders stopping capitulation, the market reacting less and less to bad news.
Now even the options order book shows the same signal—fear exiting before any real new conviction arrives.
A tired seller is the first half of a cycle fund. The second half—new capital actually entering—hasn’t arrived yet.
But is it worth waiting for a full return?
For the CLARITY Act to pass, Trump had to accept a rule that makes illegal what he himself did.
In 2025, while he was still the president-elect, he made US$636 million by launching the memecoin $TRUMP
His crypto portfolio generated US$1.4 billion in a single year.
The ethics rule that Democrats demanded in order to release the votes in favor of the CLARITY Act prohibits exactly this: presidents, members of Congress, and their spouses cannot issue or profit from digital tokens.
Trump agreed.
The text of the law makes the Department of Justice responsible for enforcing it.
That’s politics: swallowing whatever is necessary to get what matters.
Trump swallowed a law that describes what he did as a criminal act.
He did it to pass the law that the crypto market (that funds him) wanted so badly.
Nobody will enforce this rule for the past. It exists more as a political symbol than as real punishment.
But the symbol is written into the law.
In 2025, while he was still the president-elect, he made US$636 million by launching the memecoin $TRUMP
His crypto portfolio generated US$1.4 billion in a single year.
The ethics rule that Democrats demanded in order to release the votes in favor of the CLARITY Act prohibits exactly this: presidents, members of Congress, and their spouses cannot issue or profit from digital tokens.
Trump agreed.
The text of the law makes the Department of Justice responsible for enforcing it.
That’s politics: swallowing whatever is necessary to get what matters.
Trump swallowed a law that describes what he did as a criminal act.
He did it to pass the law that the crypto market (that funds him) wanted so badly.
Nobody will enforce this rule for the past. It exists more as a political symbol than as real punishment.
But the symbol is written into the law.
meeting with @Binance Brazil Official
The Bank of Japan has already shown, once, that it can knock down bitcoin by 24% in two days. 🔴
Now it signals that it may act sooner than the market expected.
BOJ authorities told Bloomberg that they are open to raising rates at a faster pace than economists’ consensus expects, because the yen—at a 40-year low—is pushing inflation risk higher.
The market is already pricing in a 72% chance of another rate hike by October, two months earlier than expected.
This matters because trillions of dollars depend on cheap yen to function. It’s the carry trade: borrow in yen at low interest and buy a risk asset elsewhere, American stocks, crypto, whatever it is.
When the BOJ tightens faster than what’s been priced in, this money runs for home all at once.
In August 2024, a rate increase of just 0.15 percentage point was enough. The Nikkei fell 12.4% in a single day, the worst session since 1987. Bitcoin dropped from $64K to $49K in 48 hours.
Today’s scenario is structurally different—and smaller. The interest-rate differential between the US and Japan has already fallen by almost half since 2024.
The speculative short position in yen, as measured by the CFTC, is near one-quarter of the extreme levels reached that year.
This week, Japan’s 20-year bond auction came in with the highest demand since 2019, a sign that institutions are not pricing panic.
Historically, what breaks the market is the surprise within the hike, not the scheduled hike itself.
If the BOJ moves faster and more aggressively than the 72% already built into prices, the unwind could hurt more than expected—even with this base that is well smaller than in 2024.
For the Brazilian investor with a crypto position, it’s worth watching whether this hike comes in line with what the market has already priced or as a surprise. It was the surprise—not the scheduled tightening—that broke bitcoin last time.
Now it signals that it may act sooner than the market expected.
BOJ authorities told Bloomberg that they are open to raising rates at a faster pace than economists’ consensus expects, because the yen—at a 40-year low—is pushing inflation risk higher.
The market is already pricing in a 72% chance of another rate hike by October, two months earlier than expected.
This matters because trillions of dollars depend on cheap yen to function. It’s the carry trade: borrow in yen at low interest and buy a risk asset elsewhere, American stocks, crypto, whatever it is.
When the BOJ tightens faster than what’s been priced in, this money runs for home all at once.
In August 2024, a rate increase of just 0.15 percentage point was enough. The Nikkei fell 12.4% in a single day, the worst session since 1987. Bitcoin dropped from $64K to $49K in 48 hours.
Today’s scenario is structurally different—and smaller. The interest-rate differential between the US and Japan has already fallen by almost half since 2024.
The speculative short position in yen, as measured by the CFTC, is near one-quarter of the extreme levels reached that year.
This week, Japan’s 20-year bond auction came in with the highest demand since 2019, a sign that institutions are not pricing panic.
Historically, what breaks the market is the surprise within the hike, not the scheduled hike itself.
If the BOJ moves faster and more aggressively than the 72% already built into prices, the unwind could hurt more than expected—even with this base that is well smaller than in 2024.
For the Brazilian investor with a crypto position, it’s worth watching whether this hike comes in line with what the market has already priced or as a surprise. It was the surprise—not the scheduled tightening—that broke bitcoin last time.
Verified
Gold is now the most undervalued in more than 3 years, according to institutional managers. 🚨
Gold has fallen 25% from January’s highs. That was enough, according to the institutional manager themselves, to make the asset the cheapest in more than three years.
Only 6% net of the managers surveyed by BofA still think gold is expensive—the lowest reading since March 2023.
In January it was the opposite: almost half saw gold as the most overbought trade in the market, the highest since 2012.
The pullback removed the biggest psychological barrier for this money to start buying again.
The central bank continued accumulating throughout the year, including during this period of “expensive gold” that no longer exists.
This kind of sentiment will spread to other “hard assets” like bitcoin, and investors need to be aware of that.
Gold has fallen 25% from January’s highs. That was enough, according to the institutional manager themselves, to make the asset the cheapest in more than three years.
Only 6% net of the managers surveyed by BofA still think gold is expensive—the lowest reading since March 2023.
In January it was the opposite: almost half saw gold as the most overbought trade in the market, the highest since 2012.
The pullback removed the biggest psychological barrier for this money to start buying again.
The central bank continued accumulating throughout the year, including during this period of “expensive gold” that no longer exists.
This kind of sentiment will spread to other “hard assets” like bitcoin, and investors need to be aware of that.
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