Latest whispers from the financial court say that open interest – that’s fancy talk for how many eager gamblers are still in the game – has plummeted from a lofty 4.8 million to a modest 3.27 million. Quite the clean sweep, eh? Traders have hastily liquidated leveraged positions, probably fleeing from the chaos, leaving the market in a more pristine state-perfect for a comeback, or so the seers hope! 🃏
Hyperliquid brews a BorrowLendingProtocol (BLP) on its Hypercore testnet-a tribal dance of borrowing and lending, where USDC and PURR (yes, even cats get loans now 🐾) duel for dominance.
The former Ohio State Treasurer, who once boldly predicted Bitcoin would hit $444,000 by November 8 (a date now synonymous with “optimism over optimism”), found himself on the wrong side of a trade involving BlackRock’s iShares Bitcoin Trust. His forecast? A resounding “meh” from the market. 🤯
Gold, he thunders, shall fetch $27,000; silver, $100; Ethereum… ah, here lies the rub. Did he mean $60 or $60,000? Perhaps the author, in his twilight years, forgot commas-or perhaps he scribbled with a quill dipped in kvass. Either way, the market now debates whether to laugh or weep. 🤡
The Facts (Or As Close As You’ll Get in This Town)
Market analyst Burak Kesmeci shared his insights on X, and let\’s just say, it\’s a pretty compelling case for a bullish reversal. 🤓 He points to the Bitcoin: 90-Day Market Price vs Realized Price Gradient Oscillator, which tracks the distance between Bitcoin\’s market price and its average cost basis (realized price) over the past 90 days. In simple terms, it\’s like checking if Bitcoin is on sale… and boy, is it ever! 🛍️
The numbers, as obsessively tracked by those who find joy in such things (CryptoQuant, they are called), reveal a draining of some $2.3 billion. A reversal, they say, of a month’s worth of hopeful inflows. One can only imagine the consternation in the halls of finance.
“If you, dear possessors of Bitcoin, yearn for a modicum of prudence, hasten your sale whilst the glittering coin yet blooms above the threshold of a hundred thousand,” pronounced Schiff with the confidence reminiscent of an oracle displeased with the fate he foretold. Earlier in the month, as if engaged in a litany of doom, he proclaimed Bitcoin to be “ridiculously overpriced.”
Traditional stablecoins, like USDT and USDC, are the backbone of DeFi and international money transfers. But let’s be honest-they’re like a town crier who’s lost their voice: everything’s shouted for all to hear. Wallet addresses, balances, transaction histories-it’s all laid bare on those permissionless blockchains. Any Tom, Dick, or internet-slinging harpy can snoop around like it’s their Sunday stroll.
Only if bulls can muster the stamina of a Victorian drawing-room party guest-unrelenting, slightly drunk, and utterly uninvited-to break through those pesky resistance levels. 🚀
