Transcript preview
Preview only
I ultimately think that Bitcoin, the benchmark is gonna lead us a lot higher, and so we'll probably get an alt season in those meme able assets. The question is which assets and when? And the the final thing I'll say on that topic is that the opportunity cost of holding the wrong token is very high right now.
This episode is brought to you by Kraken OTC. Get access to twenty four seven trading services for high net worth individuals and institutional clients to execute orders over $50,000. You'll hear more about them later in the show. As always, investments in blockchain technology involve risk, terms, and conditions apply.
Welcome back to another episode of the Thousand podcast. Today is a good one because we finally had a little bit of movement in the market. We were going sideways for a bit, of chopping around that 118, 120 zone. And then we scared the shit out of everybody by dumping hard over the weekend. People are kind of freaking out on the timeline a little bit. It's not so bad this morning, this nice Monday morning because we bounced back a little bit. But Jonah, are we supposed to be nervous right now?
Nah. What's happening? Nah, we're not supposed to be nervous. Come on, permeable here speaking. I think, honestly, here's what I think. There is a lot of amateur hour going on on crypto Twitter. It is it's it's kind of comical. I think that most people, myself included, not to be an elitist or anything, when they start trading, their only framework is green candles are bullish, red candles are bearish. Right? That's and most people look at daily charts with daily candles. So you see a few red candles, you freak out and sell. You see a a few green candles, you get greedy and buy. That's human n
I'm with you. I think what ended up happening is that the market itself got a little bit over its skis. There was a lot of exuberance. I mean, people were talking about how things like Solana, SUI, going all the way down the risk curve, we're getting treasury companies. You were having altcoin pumping across the board, and Bitcoin wasn't going anywhere. It was going sideways. And I think you just needed to flush out a little bit of the leverage and exuberance that was in the markets. Like if you go and you actually look at the open interest charts and you look at the funding rates, they came d
Yeah, it's actually common across all markets to have a very quiet August. Participants are out in Long Island, know, on the beach eating lobster rolls, they're not necessarily at the desk trying to make their year from September through December. So basically I think the, you know it's an adage, it's an old adage that that you're supposed to expect slow price action and gap year moves in August. You know just zooming out more broadly, I totally agree with your point. Bull markets tend to get volatile as you hit the seventh or eighth inning time wise. And in crypto, the eighth inning of of tim
I think it's a combination. It's it's it's one of those things where the ETF tracks Bitcoin price now, and that's kind of just what it does. What I'll say is it drives Bitcoin price. When you see $812,000,000 of outflows and you see that the Bitcoin chart went down, I think it's very reasonable to assume that people holding the ETF chucked out some Bitcoin. Right? And that's why the numbers used to be, in my opinion, a better predictor of future price action of Bitcoin, but they're not amazing. It's not not really that useful today because it just kind of tells you what that day's price action
Handling large digital asset trades requires precision. Kraken OTC give
Keep exploring with a free account.
A free account preserves the short preview. Upgrade to Pro for the full transcript and episode chat.