Bitcoin and ether drop Spurs $500 million Half a billion in liquidations. but BTC Entering never seen before era. So before we get into it, here's a quick headline. Due to the rise of ordinals and Bitcoin L2s, there are some reasons to be bullish in the Bitcoin ecosystem.

We are entering an era of Bitcoin that we have never seen before now, just because of the craziness with profit. Tak Elizabeth Warren and obviously the upcoming hopefully the impending approval of the spot. Bitcoin ETF just for posterity sake I Want you know that Bitcoin is currently trading just below 42,000 the market cap just over $800 billion, but I posted this on Twitter Make sure you find me on Twitter I Think people are freaking out but understand this is still absurdly bullish. I mean not long ago Bitcoin was trading at 27,000 we ran up to 45 and then one little red bar.

People were freaking out when in reality and just so you know, I am looking at the Futures ETF the Bitcoin CME Futures not excuse me, not the ETF but Bitcoin CME Futures There's a little bit of a downside Gap F So I'm kind of targeting just below 40,000 and guess what, even if that hits it, cleans up the chart. The EMA Cloud Still strongly to the upside and it doesn't change the fact that year today Bitcoin is still 1 153% In the past month, the loan is up 14.5% Yeah, a little bit of a healthy breather and whatever is prompting it's prompting it. That's the catalyst. so be it.

To me, this is a healthy, reasonable pullback. Now, before we get into the story of liquidations I Just want this out there for posterity sake. I Found this to be really interesting: the world's top 10 Bitcoin holders coming in at number three, we have Grayscale with 428,000 number Two, you have Binance at 643,000 Bitcoin and then Numero Uno uh, Satachi himself 1.1 million. But look at the entire list of 10 Robin Hood number 10.

And then we have Block One coming in at Nine micro strategy. just the company that is effectively serving as a Bitcoin ETF coming at 7, the Chinese government coming in at number six. That one is particularly interesting to me just because we know China loading up on both Bitcoin and on gold kind of D dollariz if you will. Um, really trying to getting out of us treasury notes, bonds, bills, all that stuff and loading up on both Bitcoin and on gold and then obviously coming in at number four is the US government loving themselves a little bit of Bitcoin So I saw this, wanted to share it with you and kind of tie it together to this: Bitcoin percent of Supply Last active in two plus years, more than 57% of all Bitcoin in circulation has not moved in the last 2 years.

Holders rode the asset from 69,000 down to 16 and back up to 44. Incredible. An alltime uh, high amount. un moved.

As in the big players are doing nothing, the big players The big investors are kind of just sitting there calmly watching how things play out with a longer term vision in mind. While it's the short-term active traders that are probably freaking out to the upside to the downside. and that's also why we see sometimes $500 million liquidations when the Longs get blown out because they're over leverage and they are the active Traders They are not these Ogs that are just hodling hodling and hodling money to's trading session. saw Crypto Future Traders lose over 500 million in liquidation positions as steep volatility impacted highly leveraged Longs and Shorts with some Majors dropping as much as 12% nearly 475 million in Longs or bets on higher prices and 73 million in shorts or bets against book losses amid a general unwinding of Leverage bets as high funding rates set the stage for a shaking Market Environment Data shows that most liquidations took place on Okx, you have Binance and then another one at 60 million.

So 190 million, 148 million, and 60 million. The largest single liquidation order happened on Bitmex, a chain link Futures position that was worth over 33 Milli So you might have thought you had a bad day yesterday, but there were some Traders out there that had a far worse day. But this is all short-term type of stuff. I Myself in the medium and in the longterm think things still are looking pretty good.

and if anything I think a better question is how did it go so far so fast without a breather rather than why are we taking a breather now CU It really just ripped for 8 weeks and who knows, we don't even know the conclusion of this week. We still might have nine green weeks in a row. Momentum has been consistently building in the Bitcoin Builder space all year, and we are now seeing the markets reflect the excitement around the increased activity due to the rise of Ordinals and Bitcoin L2s. There are reasons to be bullish on the Bitcoin ecosystem.

We are entering an era of Bitcoin that we have never seen before. I Expect the interest in Bitcoin to increase a lot in 2024 with potential ETF approvals, the having event and the influx of new developers I Know that a lot of people are always using this example of the spot Bitcoin ETF approval and you might be thinking to yourself I get that everyone saying it but like is there any history that would suggest this is going to be a good thing for the underlying commodity and the answer is yes, It is very likely we are on the eve of a Bitcoin spot. ETF The first commodity ETF with a was a spider gold Trust. It provided a simple way for investors to access gold in their portfolio.

When it launched, gold went on an 8year rally with no single down year between 2005 and 2012. So here is Hardcore evidence of how something similar, not the exact same, but similar played out in the past. And the reason that people are using for The Spot Bitcoin ETF is not only do you get regulatory approval, but people with retirement accounts and things of that nature get easy access to gold. And now we're just seeing that again with Bitcoin.

So is this a guarantee that it'll play out this way? No, but it's a strong indication of why there is such a bullish fever fomo and momentum right now is because people can easily do a little bit of a history check to see how things have played out like this in the past. And this is what we're seeing. So yes, in the short term, maybe a bit of profit taking, maybe a little bit of concern over inflation and what the feds doing doish hawkish. Maybe a little bit of a concern of does Elizabeth Warren like have her head screwed on straight.

but to me, in the medium to long term, does it change anything? No. Very excited about the Spot Bitcoin ETF Very excited that people are starting to realize how much of a complete farce monetary policy is within the US and then an influx of more knowledge, more developers. To me. Yes, there's pros, they cons, but in my own personal estimation, the pros very much outweigh the cons when you consider what's going on in the world of Bitcoin.

Obviously those are my own thoughts and opinions I implore you to do your own research. but I think it's a little bit stubborn and pigheaded to just completely write this off the way Jamie Diamond Elizabeth Warren and other people do of just being uh, I guess as Monger would say a venial disease I think they're missing a point a little bit. Once again, that's my own humble opinion.