Bitcoin Observations
This is NOT investment advice.
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Most Important Thing This Week?
Got a sweep under 90K.
Weekly close above 94.5Kish would not be bad. Above 98.5Kish even better.
New York Goes Nuclear
North Tonawanda, NY might be bringing nuclear power to Bitcoin mining. Whether it is this one or another one to beat them to it - it's inevitable. The global economy needs more reliable energy and Bitcoin mining and AI are only helping to shine a light in this.
Clear this nuclear hurdle one way or another. Bullish for BTC and very, very bullish for Bitcoin mining long term.
Italy
Apparently, the largest bank in Italy added Bitcoin to its balance sheet. The largest bank. Not one of the smaller ones trying to get ahead and use it to make a name for themselves.
Under the Hood
More from the great work by Glassnode:
Most HODLers if you will are currently sitting on gains. This suggests that POSSIBLY there is not an avalanche of looming sell orders from folks looking to bail out and stop the pain.
Nearly all the underwater positions currently are from new movers in the last 155 days.
Coinbase Lending
Coinbase announced its version of "Bitcoin backed loans" to mixed reviews perhaps. Much of the feedback oriented around the Coinbase version of wrapped BTC and the gymnastics of working through the Coinbase L2, wrapped BTC, etc. Essentially - some feel this is a loose claim to being a "Bitcoin product".
Classic example of how I try to digest this "news". I see Coinbase. Big company. Publicly traded. Has a lot of sway. "Bitcoin Lending" and using BTC as collateral being added into the general lexicon. To me - I'm not concerned with the money grabs by Coinbase and them wanting to use their own tools they are building. I would rather focus on the fact that a major firm is getting behind the concept of using Bitcoin as collateral.
Strategic Reserve
Lots of noise about the new administration. Let's just see how the ceremonies go and what type of geo-political events transpire. Clearly there is more momentum building. It's pretty obvious the new administration is embracing Bitcoin rather than fighting it. I have no idea if/how this may go down in America or when it might actually be in the market buying if it were to happen. Neither do you.
Bitwise Nation States
Bitwise has to be very careful with what it says given the nature of its business. It seems comfortable noting that nation states are indeed poking around on the ETFs. Nothing to gain here for Bitwise by creating social media drama so it's likely not just hopium.
Moving Forward . . . . . . With Forward?
Yes, in progress.
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