2x Bitcoin ETF (BITX)

Endgame is still unclear....

$MSTX scheduled R/S 1:10 next Weds, 18 March.

"BTC is running out of narratives"

https://www.spectramarkets.com/amfx/running-out-of-narratives/

For BULLS: Nearing "valuation levels"?

Rare Bitcoin signal flashes: Will a 220% BTC price rally follow?

For BEARS: Is Saylor single-handedly destroying $BTC?

Beats me, but this is quote caught my eye:

"No serious central bank will ever own something where Michael Saylor controls the float."

Are folks actually counting on CENTRAL BANKS to hodl?

Surely not.

Meanwhile $MSTR shorts are piling-on, hoping to pound Saylor into the dirt.

Interesting to watch.

No warm-n-fuzzy today.

I'm agnostic, don't really care what happens.

Believe nothing, go w/ the flow.

$BTCUSD 30Day RSI finally got oversold last Thurs.

$BTCUSD still in an obvious downtrend on most timeframes.

But ST timeframe buy-setup came Fri morning.

Toes back in the water here.

If rally continues I'll continue adding.

If I'm taken out... it happens.

GLTA

No mention of options that started trading Oct...

Many blame recent ability to trade options for October's top.

Could be, but I don't see it mentioned too often.

https://finance.yahoo.com/news/bitcoin-break-below-80-000-061355911.html

Still watching & waiting as quantum-fears are real.
Back on the radar I guess... $BITX & $MSTX vehicles for if / when $BTC stops cratering... They say "patience pays..."

But that often refers to being patient for entry, NOT buying & holding into oblivion.

It's OK to be wrong, we're all wrong all the time.

But it AIN'T OK to be wrong and be losing money, like typical OTC retail does.

Should be a trade in here somewhere, let's see how it sets up.

GLTA!

Back on the radar I guess...

$BITX & $MSTX vehicles for if / when $BTC stops cratering...

GLTA

What a shit-show. Just as well.

I'm still hoping for much lower $BTC to rebuild bigger $BITX position.

Also demonstrates why I switched from $BTC futures...

I trade LOTS of futures & options ($BITX options mentioned here previously).

Anyone who went home short the futures on Fri will get raped when futures open Sun.

I typically suggest scaling in & out of calls & puts around core positions when options are available & liquid.

Fortunately $BITX itself is plenty liquid to scale-in & out of longs to lower basis & de-risk as you go.

GL!

here we go 
as expected 

Finally $BTC sells-off. Looking forward to another trade.

Whooshes are awesome when you're waiting for another entry.

Watching to see where things settle down.

GLTA!

Keeps running... inauguration $BTC targets $120-150K?

For years I've suggested one $BTC will eventually pay for a median-priced house ($450K) based on "one tulip traded at the equiv of a median-priced home" back in the day...

Trump-trade continues, bullish rumors abound, etc

Whatever, GLTA!

Liquidity drain in-motion? 30% pullback in $BTC?

https://themilkroad.beehiiv.com/p/is-a-30-pullback-near

"Navigating Post-ATH Trends"

https://insights.glassnode.com/the-week-onchain-week-49-2024/
Bitcoin reached a new ATH of $99.4k after a prolonged period of trading within the range of $54k to $74k.

Several risk metrics we monitor have entered the Very High Risk 🟥 zone, reflecting a state of elevated unrealized profits and an increased susceptibility of investor sentiment to corrections.

The Realized Profit/Loss Ratio now shows intense profit-taking is underway, hinting at a potential period of near-term demand exhaustion.

With that said, realized profit volumes have declined by 76% from the ATH peak, and perpetual futures funding rates are also easing off, indicating the market is rapidly cooling off.

Early supply redistribution patterns suggest key demand clusters are between $87k and $98k, with very little supply having changed hands during the rally from $74k to $87k. Whatever. GLTA!

$BTC Power Law Model:

https://charts.bitbo.io/long-term-power-law/

https://studio.glassnode.com/metrics?a=BTC&m=indicators.PowerLaw

Trade 'em well.

Sold a bunch of puts lower.

Hoping to replace recently sold $BITX w/ shares put-to-me at selected round-numbers lower...

We'll see how it goes.

Also interesting re $MSTU and $MSTX:

Booming MicroStrategy ETFs Are Straining Limits at Prime Brokers

https://finance.yahoo.com/news/booming-risky-microstrategy-etfs-testing-144221424.html

Looks like I picked the wrong ETF...

Trying to not look a gift-horse in the mouth here, but $BITX has been the underperformer.

Both $Microstrategy ETFs are pure $BTC bets, nobody cares about $MSTR's underlying business.



$MSTU v $MSTX v $BITX

Plenty ETFs, but I don't make recommendations.
to this day I still don't even know how to buy crypto... You don't need to buy crypto or have a crypto wallet or blah blah blah

ETFs abound, as do miners & $MSTR (and its own ETF $MSTX) are 'pure plays' on crypto MOMO.

Everything feels stretched but who tf knows?

Not me, I just do what I can to make a little here & there, and NOT LOSE too much.

GL!

they can get rugged pulled at any time...I remember Bitcoin 74k to like 14k?

to this day I still don't even know how to buy crypto...

I missed all crypto as I was led to believe they have 0 intrisinic value and were ponzis...I should be rich :( story of my life

Maybe shoulda bot $MSTX instead...

But that's had a craaaazy day lol.

Oh well, you take what you can get:

1. Buy real things w/ value OR are in-demand.

2. Or chase MOMO which also works well, and sell into further MOMO.

3. But NEVER buy things w/ NO VALUE or things that are downtrenders - that leads to the poorhouse.

GLTA!

wowwwwwwwwwwwwww.your rich p&v

More boomage, but look at $MSTX...

All crypto continues to pump massively on Trump.

Miners on fire.

Enjoy it while it lasts!

GLTA

Smiles all-round.

Blue-sky breakout on $BTCUSD as expected on Trump win.

What's next?

Nobody knows - trade the flow as best you can.

Easy money for now.

Trump priced-in it seems, so ride the waves...

Come to Papa, hopefully another swing setting up...

Scaling-in & scaling-out has worked for a while.

Good trading vehicle so far.

GLTA

Champion ETF one of my favorite just hold some here until $100,000

Nice return today

Still hopeful.
I'd like to see $BTCUSD woosh to $42...

Maybe get some $BITX fills $10-15.

Little bitta FUD. Hope it's all true!

All the daily BTC newsletters & podcasts are uber-bullish. Personally I wanna reload $BITX lower (cuz I'm bullish BTC longer-term), so I'm hoping for a downward cascade in $BTC & consequently $BITX.

https://www.cryptopolitan.com/us-government-btc-silk-road-sales/

https://cointelegraph.com/news/bitcoin-room-to-fall-unusual-open-interest-coinglass

https://cointelegraph.com/news/bitcoin-binance-funding-rates-lowest-2024-bearish-sentiment

C'mon down, bids waiting.

Fill me.

I'd like to see $BTCUSD woosh to $42...

Maybe get some $BITX fills $10-15.

July 4th limit-buys @20 finally filled today.

I've added additional buys lower but expecting this to be a good trade after MT GOX dumpage ends... whenever that is.

GLTA