August Recap: Five Crucial Charts

Key visuals from last month's updates, quickly summarized

Author

Mark Helfman
August 31, 2024

Every month, I post market updates, weekly rundowns, and a monthly post in addition to special reports.

That's a lot of content! “Value,” as they say.

To help you digest that information, check out some key charts below. Read and watch my market updates for analysis, discussion, and other information (and charts!) that can boost your returns.

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Chart 1: Stablecoins are Booming

Look at stablecoins. Still rising.

Think of it as a cushion to absorb drops and fuel to push prices higher.

Stablecoin growth doesn't mean people are buying Bitcoin (or any crypto) with those stablecoins.

In some places, stablecoins have become a common form of exchange. Many speculators hedge their bets with stablecoins or derivatives funded with stablecoins. Stablecoins have other uses.

Once Bitcoin’s price rises enough that people think it will keep going higher, people will use some (or a lot) of those stablecoins to buy more crypto. It’s a form of capital that’s natively digital, easy to move, and waiting for the right conditions.

Chart 2: About That Drop at the Beginning of the Month…

All risk assets plunged at the beginning of August. Crypto traders suffered the biggest liquidation event since September 2023.

That liquidation made the drop bigger than it “should” have been. It also made a somewhat bigger hole to dig out of.

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