Bits + Bips: Why Bitcoin Will Keep Going Down - Ep. 956
Episode publishedPodcast: UnchainedUnchained
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I think the key difference is also that, you know, a year ago when Trump was elected, Bitcoin was trading around 67,000 and we very quickly rallied up 20,000 points or a little bit more within the within basically a two week frame. So there was not a lot of trading between 67,000 to 93,000. So there's like a window here where there's not a lot of support. It's almost like a, you know, like like a void really.
Hi, everyone. Welcome back. Once again, I'm Steve Ehrlich, executive editor here at Unchained and host of Bits and Bips, the interview. Let's take a quick break to hear from the ads who make this show possible.
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So I'm here now with Marcus Thielen, the head of research at research firm 10x Research, a firm that produces daily intelligence and market briefings on everything happening in crypto. And we're here to talk about what's happened in the market, especially in light of Nvidia earnings, how to trade tactically during bearish times, and also when it's appropriate to call a bear market a bear market and in light of crypto's heightened volatility. So welcome, Marcus.
Yeah. Thanks for having me. Excited to be here.
Yeah. So let's just kind of dive right into it. Everybody was waiting with bated breath on NVIDIA's earnings yesterday, wondering if they could outperform again and perhaps lift the entire economy and the entire market out of this sluggish pattern. They did very well. What did you see and how did crypto respond?
Yeah, I think this is probably a temporary rebound that we're having right here for crypto, especially for Bitcoin. You know, of course, we still have the macro overhangs of a hawkish fad. We still have the on chain data that indicates that there's a lot of outflows. Of course, the ETFs are very overexposed right now. We can, of course, go in detail about those kind of flows, because those were the ones that were really pushing the market lower over the last couple of days or the last two, three weeks, really. And I don't think that's going to stop because, you know, people need to clean up th
Okay. So let let's kind of break some of that down step by step. First, I'd love for you to kind of define a bear market, especially in terms of crypto. I I know in TradFi, usually a a a 20% drop from a local high is sort of the marker. But but given, again, Bitcoin and crypto's volatility, that that seems to be way too shallow. So how do you define it?
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