What's Driving Bitcoin Higher?
Episode publishedPodcast: 1000X1000X
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Sailor is behaving like a commodities trader. He's trying to squeeze something. This is a classic squeezy type play.
But what this is also telling you is that there's just broad acceptance of Bitcoin now, and that I think this probably accelerates.
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Jonah, welcome back everybody to another ThousandX podcast. We're happy to be talking today because Bitcoin is at $95,000 per Bitcoin. Pretty nice change of pace from last time we recorded when Bitcoin was at $85,000 per Bitcoin. I think if you recall last time we were talking about this is this is looking really good, and it's probably time to buy some out of the money calls because I think Bitcoin can move very fast in this particular environment. The environment just to jog everyone's memories, the fact that Bitcoin was radically outperforming the equity markets, like, to to the point where
Yeah. Definitely feeling good about this. Bitcoin, it like, it's outperforming stocks in a way that looks consistent now. It doesn't look like it's just gonna mean revert back down. Our favorite ratio is basically on the highs. You know, I'm feeling good. I think I think this market keeps pushing higher, but I don't know if it just like gases higher. I don't think it's gonna rip people's faces off. I think it might just be more of a general kind of outperformance type type scenario where it trades with a bit of beta to stocks, but the ratio keeps grinding higher over time. Like I think Bitcoin
I think I think a reasonable amount of it is is outright buying, and we can you you can sort of just estimate this, like you said, by looking at the the CME futures. And but also just as, like, a as, like, a gut check, it's it's very rare that you get a tremendous amount of inflows for trading basis when basis is low and basis is low when Bitcoin sells off. And all all of those all of those flows were coming basically as Bitcoin was going was going back back up, and they started before. Right? You know, basis was at, like, 55% throughout when, when these inflows were coming. And that's not rea
That's fair. So
it does seem Yeah. So with that said, basically, from April April '20 eighth, the CME open interest went up about 1,000,000,000. So even if we take the top end of that estimate, it's like, okay. Every single dollar that was put into the CME and increase of open interest was for basis, that would still be 2,000,000,000 of flows.
Yeah. Exactly. And I'm looking on VeloData. Our friends at VeloData have a nice dashboard for this. If you wanna look I was just check double checking on chain, OI or sorry. Crypto native OI, I should say. Binance plus Bybit plus OKX plus Derabit plus HyperLiquid. Over the last week, BTC OI is basically unchanged. It went from 8,200,000,000.0 a week ago oh, sorry. That's just finance. 18,500,000,000.0 a week ago to 17,900,000,000.0 as of the last data point. So it's actually, like, down a little bit. So that's that I think I think these ETF inflows are real, like you said. I don't think it's j
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