Another 10.00am EST liquidation on Bitcoin dumped $3,200 from $89.8k to $86.6k and liquidated $203 million worth of longs.
All this happened in last 60 minutes with no major negative news. Another example of 10 am manipulation which has been happening over the last few weeks many times when the US market opens. Source: Bull Theory
Interesting chart by Guilherme Tavares i3 invest ➡️ when the correlation between BTC and the Nasdaq 100 gets too low (below -0.5), the Nasdaq 100 usually experiences a much deeper drawdown.
It is not necessarily a timing indicator or a “sell everything” signal. But it shows that BTC is more sensitive to liquidity and tends to lead.
Same same? Are we just seeing "psychology on steroids" being washed out?
All these ex hot assets have moved in close tandem for a long time. Chart below shows Bitcoin $BTC, Nvidia $NVDA and Orcale $ORCL. Source: LSEG, The Market Ear
The BTC/Gold ratio back below 20x for the first time since Jan 2024...
Source: zerohedge
Sounds like a very interesting strategy...
Bespoke shows how you can outperform $IBIT with a simple strategy: buy the (NYSE) close, sell the (NYSE) opening... Since the iShares Bitcoin ETF $IBIT began trading, had you only owned it after hours (buy the close, sell the next open), it's up 222%. Had you only owned intraday (buy the open, sell the close), it's down 40.5%. (Past performance is no guarantee of future results.) Results have been so impressive that Nicholas just file for an ETF that replicates this strategy: NICHOLAS BITCOIN AND TREASURIES AFTER DARK ETF (NGHT) will only hold bitcoin at night, buying it when the US market closes and selling it when it opens. Source: Bespoke, Eric Balchunas, Bloomberg
🚨Very interesting comment by Bull Theory @BullTheoryio on why Bitcoin always dumps at 10 a.m. when the U.S. market opens ?
Yesterday, Bitcoin erased 16 hours of gains in just 20 minutes after the US market opened. ‼️ Since early November, BTC has dumped most of the time after US market opens. The same thing happened in Q2 and Q3. 📌 @zerohedge has been calling this out repeatedly, and he thinks Jane Street is the most likely entity doing this. Bull Theory then highlighted that when you look at the chart, the pattern is too consistent to ignore: a clean wipe out within an hour of the market opening followed by slow recovery. That’s classic high-frequency execution. They add that it actually fit their profile: • Jane Street is one of the largest high-frequency trading firms in the world. • They have the speed and liquidity to move markets for a few minutes. They then assume (this is NOT verified) that what Jane Street does in a consistent manner is the following: 1. Dump BTC at the open. 2. Push the price into liquidity pockets. 3. Re-enter lower. 4. Repeat daily. And by doing this, they might have accumulated billions in $BTC. As of now, Jane Street holds $2.5B worth of BlackRock’s IBIT ETF, their 5th largest position. Does it mean that the dump in BTC isn't due to macro weakness but due to manipulation by one major entity??? What’s your take?
Strong squeezes in the lower quality stuff such as most shorted and MEME ETF.
Boring BTC remains the relatively soggy one... Source: TME
The Market Ear: "When you trade BTC, you're basically trading unprofitable tech, not a store of value, not dollar debasement".
As shown below, bitcoin has a high correlation with unprofitable tech stocks and the Nasdaq.
