Bitcoin Breaks Out as ETF Flows Normalize

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 8 February 2024

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Enthusiasm is back on the agenda in Bitcoin land! NLW looks at the recent price action, Bitcoin's decoupling from rates and more. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Thursday, February 8th, and today we are talking about excitement
0:23.9	returning to the Bitcoin markets. Before we get into that, however, if you are enjoying
0:28.9	the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to
0:33.2	dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in
0:37.3	the show notes or go to
0:38.0	bit.ly slash breakdown pod. All right, friends, well, my wish was granted and we do not have to talk
0:44.2	about the SEC today. Instead, we get to talk about the fact that after two weeks of sideways
0:50.0	consolidation, Bitcoin broke out of its range on Wednesday, posting a 3.6% gain.
0:55.8	Overnight, Bitcoin traded at 44,500 for the first time since ETF launch week.
1:00.7	The entire sell-the-news event has been filled back in, and it looks like we could be headed into
1:05.4	another period of price discovery. Bitcoin led Ethereum, which gained around 2.85%, but trailed gains in Solana and other
1:12.4	major altcoins. Short liquidations during the move were extremely mild, implying that the price
1:17.6	action was driven more by spot positioning rather than a short squeeze. Now additionally,
1:22.2	a new crop of Bitcoin whales have shown up over the past two weeks. Around 73 new wallets reached 1,000 Bitcoin in holdings,
1:29.6	worth roughly 44 million. There are now around 260 wallets holding at least 1,000 Bitcoin,
1:35.6	which is the largest that category has been in over a year. Now, Bitcoin's volatility has
1:40.4	been compressed over the past five months. Each burst of rapid price action has given way to long periods of consolidation, with each price breakout becoming less and less
1:48.5	intense. Volatility metrics have rarely sustained such low levels throughout Bitcoin's history,
1:53.5	and typically lead to periods of more explosive price moves. Analyst Horn Hares pointed out
1:58.4	the volatility squeeze on Twitter saying, we probably have 10 days max before a huge move on Bitcoin.
	...

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