Market Update - June 26, 2024

What a difference a week makes!

Or not. Bitcoin price is down 6% since my last update. A 6% swing is trivial over any given week. I wouldn’t blink if it happened in a single day.

Don’t worry about Mt. Gox. They only hold $9 billion BTC—large enough to weigh down Bitcoin’s price but not so much that they can change the trajectory of a $1 trillion asset. Let's not make a mountain out of a molehill.

You can see what they're doing by following their wallets. Here are the addresses:

• 16eAGJEjqsUqngMfcysQECvp7TMU37P9gX

• 1HeHLv7ZRFxWUVjuWkWT2D5XFbXXvHoV68

• 1AsHPP7WcGnDLzxW2bUa2FcbJP3eZVEqpx

Likewise for the billions of dollars in the hands of governments. BitcoinTreasuries keeps track of this. Combined, governments own a lot more than the $200 million the US plans to sell and the $50 million Germany just sold.

Obstacles to overcome, not reasons to worry.

I don’t think people appreciate how extreme our upswing went earlier this year (you did, because you subscribe to this newsletter). It takes a while to recover from something like that.

If you're going to worry about anything, worry about the solvency of Tether or the persistent selling from large entities and long-time HODLers. Today’s update covers these topics:

• Video

• A marathon masquerading as a sprint

• Are miners finally capitulating?

• Bull market support band

• Bounce now and up forever?

• Metrics and behaviors

• Normal stuff for Act 3

I strongly advise you to read the summary below and watch the video update! You miss too much when you get only one of them!

The rest of this post is for premium readers only.