The liquidation figure going around for today's Bitcoin move describes the move. It does not explain it.
$BTC traded at an eight-month high on Monday, +4.82% through $85,000, with an 85,248 print on Bitstamp in the 09:00 UTC hour. The session is still open, so that is not a close. Reported alongside it, $648M of short liquidations, more than $262M of them in a single hour approaching $84,000. Forced shorts amplify a move already running; they do not start one.
Look at what did not do it. The Fed hiked 25bp to 3.75-4.00% on 16 September, unanimous, with the dots pencilling in no 2027 cut. On Friday the 2-year hit 4.744%, its highest intraday since July 2024, and the 10-year sat at 5.00-5.01%. An eight-month high five sessions later is the opposite of what that rates picture gives you.
Not fund demand either. The whole US spot Bitcoin ETF complex took $6.21M of net inflows for the week ending 18 September, which one table calls the smallest weekly gain in 141 weeks. That is every week since these products launched in January 2024.
Coverage points at falling oil. Whatever is bidding, it is not rates and it is not the funds.
#Bitcoin #Crypto #Rates #Macro
$BTC traded at an eight-month high on Monday, +4.82% through $85,000, with an 85,248 print on Bitstamp in the 09:00 UTC hour. The session is still open, so that is not a close. Reported alongside it, $648M of short liquidations, more than $262M of them in a single hour approaching $84,000. Forced shorts amplify a move already running; they do not start one.
Look at what did not do it. The Fed hiked 25bp to 3.75-4.00% on 16 September, unanimous, with the dots pencilling in no 2027 cut. On Friday the 2-year hit 4.744%, its highest intraday since July 2024, and the 10-year sat at 5.00-5.01%. An eight-month high five sessions later is the opposite of what that rates picture gives you.
Not fund demand either. The whole US spot Bitcoin ETF complex took $6.21M of net inflows for the week ending 18 September, which one table calls the smallest weekly gain in 141 weeks. That is every week since these products launched in January 2024.
Coverage points at falling oil. Whatever is bidding, it is not rates and it is not the funds.
#Bitcoin #Crypto #Rates #Macro