The short-term holder supply in profit/loss ratio is the lowest it’s ever been in the history of bitcoin.
Indeed, 95% of bitcoin $BTC held by short-term holders, those who bought less than 155 days ago, is underwater. Even with two 30% drawdowns this cycle, the speed and severity of the current drawdown have made it much more severe. Source: Joe Consorti, Frank @FrankAFetter
Is Michael Saylor's Strategy under attack?
Its mNAV is now negative - i.e the company's market cap is less than its BTC holdings.. Source: zerohedge
Credit spreads of the hyperscalers (red line - inverted) continue to widen out...and start to put donward pressure on AI equity basket (green line)
Source: Zerohedge
The spread between tech and Bitcoin is stretched to historic extremes.
Either $BTC reclaims ground, or $NQ has unfinished business on the downside. Source: Trend Spider
Why You Always Watch Japanese Rates.
Source: The Market Ear @themarketear
WALLER: Supports a December cut...citing "a weak labor market and mon pol that is hurting low and middle-income consumers."
Waller has been a Fed leader and, whether his view of a Dec cut prevails, the Fed will eventually be forced to respond to the lower-K. Source: 3fourteenresearch
As highlighted by Tavi Costa, Nvidia is now valued at nearly three times the entire energy sector.
Almost three times. And no, it doesn’t generate more profit than energy companies in the S&P 500. In fact, the combined free cash flow of this sector over the last year is about 20% higher than Nvidia’s. Tech innovation is incredible, but let’s not forget that something still has to power it. Source: Tavi Costa, Bloomberg
”The AI Bubble” in perspective.
What if the doomsayers are right but they have been, and they continue, miss the last +30% of the ”bubble” for their told-you-so moment? This is indeed what already happened most of this year. Source: Emre Akcakmak, Bloomberg, FT
