The stock market, that otherworldly beast, paused its giddy dance of delusion. The Nasdaq and S&P 500, which had pirouetted into record highs, now wobbled like a child’s top. Meanwhile, crypto-linked stocks-Coinbase, Robinhood, and their merry band of charlatans-plummeted 2%-3%, as if the very earth had grown weary of their antics.
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Davinci Jeremie, that guy from 2013 who screamed “BUY BTC AT $1!” like a prophet in a bathrobe, has returned to warn you: the bottom isn’t the bottom. Nope, not yet. He claims BTC’s about to experience “Max Pain,” which sounds like a new crypto-themed rollercoaster. Spoiler: it’s not fun.
Scaramucci, that illustrious founder of SkyBridge Capital, has stood as a beacon of Bitcoin advocacy, even as the market wailed like a banshee. In a recent SoFi interview, he expounded upon his unshakable faith, revealing the precise moment when the heavens shall part and Bitcoin shall rise again.
On the 4-hour chart, Bitcoin has pulled off a Houdini act, escaping from the $65,000 pit and scaling the $75,000 cliff-only to slip back to $74,700 like a cat that changed its mind about being a mountaineer. All three major moving averages (50MA at $72,767, 100MA at $70,374, 200MA at $70,199) are now below price, attempting what passes for optimism in technical analysis: upward-sloping lines. RSI is chilling at 59.82, which is the market’s way of saying, “I’m excited, but I’ve got a therapist on speed dial.”
Yet Bitmine’s institutional interest remains pinned near zero. Institutional capital is not following the momentum. The last time this divergence appeared, it delivered just a 13% bounce before fading. A head-and-shoulders pattern on the daily chart adds a 23% downside risk if the current move fails.
On-chain data, shared by the ever-watchful Arkham Intelligence, reveals the latest transfer of ~250 BTC, valued at a modest $18.46 million, moving from DHI-linked wallets in six consecutive transactions. One might imagine the royal accountants nodding solemnly, their abacuses clicking in unison, as they tally the proceeds. This follows a string of similar moves, including a $22.8 million transfer just days ago. Arkham’s tracking page confirms 239 addresses under management, with Bitcoin still comprising the vast majority of its $262 million portfolio-a sum that, in the grand scheme of things, is but a drop in the ocean of global finance, yet significant enough to warrant a raised eyebrow from the international community.
XRP, a cryptocurrency designed for fast and affordable international payments and used by the company Ripple, saw a significant increase in investment on Wednesday. Spot XRP exchange-traded funds (ETFs) listed in the U.S. attracted over $17 million, the highest amount since February 2nd, according to SoSoValue. Although this is less than the investment seen in Bitcoin ETFs, it suggests renewed interest in XRP after a long period of low activity.
Bitcoin funding rates have taken a nosedive to levels so negative they might as well have their own sad violin soundtrack. This, dear reader, is a classic signal indicating market bottoms, as BTC continues its cheeky ascent past $75,000.
The real kicker? It charges a measly 0.14% expense ratio. That’s cheaper than the interest on my overdraft. Morgan Stanley’s vast wealth management network is like a vacuum cleaner for dollars, sucking in clients who’d rather not deal with the crypto wild west themselves. It’s the financial equivalent of ordering a pizza instead of making it from scratch-less effort, same result (hopefully).
