Hard to keep up with all the shit happening in the markets when you’re working eight hours a day, but that’s what happens when you don’t have risk management and you’re close to being broke. Work hasn’t killed anyone, though...
Markets seem to be on a tear, though. Gold is hitting ATH after ATH, and so are the SPX and BTC. Gold’s at $3,900 per ounce, and the SPX is at 6,746 points. There’s this meme coin called SPX6900. We’re not that far off, you know...
You know who’s losing big time, though? The damn American dollar, and most certainly the euro too. The US Dollar has lost over 10% of its value this year, and I’ve seen all sorts of videos on YouTube of people living in Vienna, Austria, complaining about the euro’s devaluation.
Europe ain’t doing any better either. One could argue that the assets I mentioned above aren’t actually appreciating, but rather fiat currency is dying against them.
Bitcoin’s reached a new all-time high of $125,700 (at the time of writing this post), and unfortunately, Michael Saylor didn’t buy any this weekend. No worries, though— institutional investors still have plenty of appetite for BTC.
BlackRock’s IBIT, for example, traded $1 billion worth of $IBIT in the first 30 minutes, and they’re holding a total of 783,768 BTC under management. These fuckers are getting close to one million BTC, and while some are cheering, I actually hate seeing that.
The more the BTC price appreciates and these institutional whales get wealthier, the less chance retail investors have of owning a whole BTC ever again. I sure know my chances are slim to none in that regard.
Market psychology has shifted to greed, but we’re nowhere near extreme greed, which usually precedes a local top—or, in our case, the final top of this cycle. I wouldn’t bet all my money on a final top this year.
Altcoins are lagging big time, but we might see them enter a sustained rally soon, which could last a few good months. At some point, though, the bubble will pop. Don’t get overly excited and hold your bags into the next bear market. I’ve done that two times in a row, and that’s why I ended up poor after so many years in crypto.
I guess I’m a slow learner, but I’ll learn my lesson at some point. Interesting times ahead, with every Bitcoin buyer ever in the green. Now let’s see what alts are up to... That’s about it from my side for now. Wishing you all a great day, and I’ll catch up with you next time.
Thanks for your attention,
Adrian