--- title: Syz The Moment | bitcoin (10) description: bitcoin | Syz The Moment (10) --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thoughts](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 10 Dec 2025 - - - #### 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 [#bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) ![Sounds like a very interesting strategy...](https://blog.syzgroup.com/hubfs/3-Dec-10-2025-04-05-31-2421-PM.jpg) ![Sounds like a very interesting strategy...](https://blog.syzgroup.com/hubfs/3-Dec-10-2025-04-05-31-2421-PM.jpg) 9 Dec 2025 - - - #### 🚨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? [#bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) ![🚨Very interesting comment by Bull Theory @BullTheoryio on why Bitcoin always dumps at 10 a.m. when the U.S. market opens ?](https://blog.syzgroup.com/hubfs/3-Dec-09-2025-04-06-55-9945-PM.jpg) ![🚨Very interesting comment by Bull Theory @BullTheoryio on why Bitcoin always dumps at 10 a.m. when the U.S. market opens ?](https://blog.syzgroup.com/hubfs/3-Dec-09-2025-04-06-55-9945-PM.jpg) 5 Dec 2025 - - - #### Strong squeezes in the lower quality stuff such as most shorted and MEME ETF. Boring BTC remains the relatively soggy one... Source: TME [#markets|](https://blog.syzgroup.com/syz-the-moment/tag/markets) [#bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) ![Strong squeezes in the lower quality stuff such as most shorted and MEME ETF.](https://blog.syzgroup.com/hubfs/7-Dec-05-2025-02-25-56-4985-PM.jpg) ![Strong squeezes in the lower quality stuff such as most shorted and MEME ETF.](https://blog.syzgroup.com/hubfs/7-Dec-05-2025-02-25-56-4985-PM.jpg) 3 Dec 2025 - - - #### 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. [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) ![The Market Ear: ](https://blog.syzgroup.com/hubfs/6-Dec-03-2025-04-05-14-6335-PM.jpg) ![The Market Ear: ](https://blog.syzgroup.com/hubfs/6-Dec-03-2025-04-05-14-6335-PM.jpg) 2 Dec 2025 - - - #### Stats about Strategy $MSTR's NAV by James Bianco Bianco Research L.L.C.: \* NEGATIVE (!) since Nov 12 \* Lowest NAV since Mar 27, 2023 (SVB failure) \* It reached -50.92% on May 12, 2022 (Terra/Luna collapse) \* Consistently negative for 18 months (Jan 22 to Aug 23) The peak of 229% on November 20, 2024... this was the height of BTC excitement over Trump's win. [#bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) ![Stats about Strategy $MSTR's NAV by James Bianco Bianco Research L.L.C.:](https://blog.syzgroup.com/hubfs/1-Dec-02-2025-11-20-59-9517-AM.jpg) ![Stats about Strategy $MSTR's NAV by James Bianco Bianco Research L.L.C.:](https://blog.syzgroup.com/hubfs/1-Dec-02-2025-11-20-59-9517-AM.jpg) 28 Nov 2025 - - - #### JPMorgan has taken a surprising leap back into Bitcoin – this time with a leveraged structured note tied directly to BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest BTC ETF. The filing, made this week with U.S. regulators, arrives just days after the bank criticized MicroStrategy, faced boycott calls over alleged crypto debanking, and pushed MSCI to consider excluding Bitcoin-heavy companies from major indexes. Now, the same institution is rolling out a product built to ride Bitcoin’s next major cycle. JPMorgan Unveils IBIT-Linked Note Built Around the Halving Cycle The structured note mirrors Bitcoin’s well-known four-year pattern: weakness two years after a halving, followed by renewed strength heading into the next one. With the last halving in 2024, JPMorgan is effectively positioning investors for a potential dip in 2026 and a surge in 2028. According to the filing, if IBIT hits or exceeds a preset price by December 2026, the bank will call the note and pay a minimum 16% return. But if IBIT stays below that level, the note extends to 2028 and the payoff becomes far more aggressive. Investors would earn 1.5x whatever gains IBIT delivers by the end of that year, with no cap on upside. High Rewards, High Risk The note also includes partial downside protection. Investors recover their principal in 2028 as long as IBIT doesn’t fall more than 30%. But once that threshold breaks, losses mirror the decline. JPMorgan warns that holders could lose over 40%, or even their entire investment, if Bitcoin collapses during the period. A Sharp Reversal in Tone From JPMorgan The launch comes amid a rapid shift in messaging from the bank. JPMorgan now says crypto is evolving into a “tradable macro asset class” driven by institutional liquidity rather than retail speculation. Source: Trading View, Decrypt [#bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) ![JPMorgan has taken a surprising leap back into Bitcoin – this time with a leveraged structured note tied directly to BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest BTC ETF.](https://blog.syzgroup.com/hubfs/8-Nov-28-2025-02-43-33-1842-PM.jpg) ![JPMorgan has taken a surprising leap back into Bitcoin – this time with a leveraged structured note tied directly to BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest BTC ETF.](https://blog.syzgroup.com/hubfs/8-Nov-28-2025-02-43-33-1842-PM.jpg) 27 Nov 2025 - - - #### The exodus from BTC ETFs appears to have stopped/slowed... Source: Bloomberg, zerohedge [#Crypto|](https://blog.syzgroup.com/syz-the-moment/tag/crypto) [#bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) ![The exodus from BTC ETFs appears to have stopped/slowed...](https://blog.syzgroup.com/hubfs/6-Nov-27-2025-01-38-37-1924-PM.jpg) ![The exodus from BTC ETFs appears to have stopped/slowed...](https://blog.syzgroup.com/hubfs/6-Nov-27-2025-01-38-37-1924-PM.jpg) 25 Nov 2025 - - - #### The iShares Bitcoin Trust ETF $IBIT has recorded $2.2 billion in outflows so far this month Source: CNBC [#bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) ![The iShares Bitcoin Trust ETF $IBIT has recorded $2.2 billion in outflows so far this month](https://blog.syzgroup.com/hubfs/5-Nov-25-2025-04-16-55-4679-PM.jpg) ![The iShares Bitcoin Trust ETF $IBIT has recorded $2.2 billion in outflows so far this month](https://blog.syzgroup.com/hubfs/5-Nov-25-2025-04-16-55-4679-PM.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin/page/9) [8](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin/page/8) [9](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin/page/9) [10](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin/page/10) [11](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin/page/11) [12](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin/page/12) [❯](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin/page/11) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin/page/72?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. Follow us ## **Thinking** out loud - - - - ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/)