So, Bitcoin's "recovering," huh? Surging towards $90K? Give me a freakin' break. I'm seeing headlines screaming about "hopeful signs." Hopeful for who? The same Wall Street clowns who pumped this thing to 120K and then dumped their bags on retail? Offcourse they're hopeful.
This whole "recovery" smells like a dead cat bounce. You know, when a stock or crypto crashes, then gets a little bump, tricking the suckers into thinking it's time to buy the dip? Yeah, that.
Let's be real: the iShares Bitcoin Trust ETF saw a record exodus. $3.5 BILLION gone in November alone. That ain't retail investors panic-selling their lunch money. That's institutions pulling out. Institutions who, just a few months ago, were lining up to tell us this was the future of finance. What changed? Did they suddenly develop a conscience? Don't make me laugh.
10X Research is saying it indicates institutional investors have stopped allocating into bitcoin. No kidding! They're selling, plain and simple. "As long as they keep selling, I think the markets will struggle to stay up, or rebound," Markus Thielen said. You think? That's like saying if you keep draining the bathtub, the water level might go down. Groundbreaking analysis.
And here's another fun fact: stablecoin minting is slowing down. Less capital is entering the crypto ecosystem. Money's not coming in, it's LEAVING. Is anyone surprised? This whole thing was built on hype and fairy dust.
Oh, but wait! The Fed might cut rates in December! Cue the confetti and champagne! Everyone's acting like Jerome Powell just personally endorsed Bitcoin. Here's a newsflash: even if the Fed does cut rates, it's probably gonna be a "hawkish cut." Meaning, it's a short-term reaction amid extreme fear, not the start of some sustainable V-shaped recovery.
They're gonna give us just enough rope to hang ourselves with.
And let's not forget the long-term holders who were already selling into the downturn. These are the guys who supposedly "get it." They're the ones who preach about the four-year halving cycle and how Bitcoin is immune to market manipulation. But when the price starts tanking, guess who's first in line to cash out?
I'm seeing all these cookie notices and privacy policies in the data too. What does that have to do with anything? I don't know but it pisses me off that my data is being mined every second of the day...
Speaking of the halving, everyone's suddenly "denying" that the same trajectory will repeat. Really? After years of chanting "number go up," now they're changing their tune? Maybe they're right. Maybe this time is different. Maybe I'm just a cynical old bastard who doesn't understand the magic of decentralized finance.
Then again, maybe not.
I mean, look at the bigger picture. The entire crypto market is still driven by speculation and hype. There's no real-world utility. No intrinsic value. It's just a bunch of digital tokens that people are gambling on. And when the music stops, someone's gonna be left holding the bag.
