Why the Crypto Markets Seem Down Bad as Bitcoin Dips Below $100K - Ep. 939
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Hey, everyone. Just a quick note before we start that last week in our stablecoin episode, Sam McPherson of Phoenix Labs talked about how Spark was one of the biggest depositors into Athena early on, but exited this past summer because starting in July or so, it seemed to them that Athena had maxed out on the capacity for the basis trade. He then said, Furthermore, with the integration of say Binance with the 12% guaranteed yield, this was funneling most of the yield into these deployments, which was disadvantaging depositors into SUSDE. So since then, Spark has exited entirely. We released th
I'm gonna go in a crazy way. I think that we we do hit all an all time high. The metrics are out there. I mean, something we're seeing with just retail, you know, we follow at LunarCrush, like, many people are talking about Bitcoin? How many people are talking about crypto? Retail is, like, the lowest and bearish. Most bearish, it is, like, almost ever been since we started tracking, and we're tracking 50,000,000 posts every hour.
I think what people need to understand is that the the likelihood of a blow off top is is is more the case than a a rounded or kind of more prolonged just because of the fact that you've seen this. For those that haven't been around in previous cycles, this is normal. We've had these types of situations. I remember even in the run up of 2020, we had a 35% correction within two weeks before it actually went to Alta
Hey, everyone. Welcome to Unchained, your now hype resource for all things crypto. I'm your host, Laura Shin. Mantle is pioneering blockchain for banking, a revolutionary new category at the intersection of TradFi and Web3. Follow mantleofficial to learn more. Today's topic is the crypto markets. Here to discuss are Jan Oleman, co founder of Glassnode, and Joe Vazani, co founder and CEO of LunarCrush. Welcome, Jan and Joe.
Thanks for having us. Yeah.
Thank you so much for having us.
So you guys, we booked the show last week, but we are recording now on a day when the Bitcoin price has dropped from 104,000 this morning to 101,000 in just the last couple hours. So why don't we start with, with you, Joe? Why do you think this is happening?
What's there to be be bullish about right now, I guess? I think we're gonna fall below 100 k. I think we're almost almost there right now. And, you know, I I think we're in a, in an interesting spot in the market, and I know we'll we'll talk about a lot of those things today with regards to just, you know, I think, some introspection on, you know, the market and utility and where we've come from. I mean, you know, following Bitcoin now since 2014, it's pretty I think, you know, I couldn't even imagine today, you know, how far we've come, you know, looking back. If I had to look forward ten yea
And when you said that you thought we're gonna drop below 100, do you have a point in mind where you think Bitcoin will bottom?
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