Since the launch of the ETFs the volatility on #bitcoin has plummeted. The 90-day rolling vol is below 40 for the first time - it was over 60 when the ETFs launched. For traders that means Bitcoin is a sentiment benchmark but money from trading is with solid alts and memes.

Why Bitcoin didn’t become the ecash Satoshi envisaged.

It seems more likely than not that the 4 year cycles are over. Halvings are immaterial to trading float, 95% of the BTC have been mined, supply comes from buying out OGs, demand is the sum of spot retail, ETPs getting added to wealth platforms, and treasury companies.

Hard to believe for some, but this was one way people bought $BTC back in 2011. Videos like this feel like a time capsule and show how much the industry has evolved over the years!

Vitalik Buterin, the co-founder of #Ethereum, has voiced his support for the emerging trend of public companies adding Ether (ETH) to their corporate treasuries. He sees this development as a positive step for the Ethereum ecosystem, primarily because it provides a wider range of investors with access to the token. By offering shares in these "ETH treasury companies," people with different financial circumstances can gain exposure to Ethereum without having to directly hold the cryptocurrency themselves. This effectively broadens the investor base and could lead to greater institutional adoption and credibility for Ethereum. 🚨 However, Buterin's endorsement is not without a significant caveat. He has issued a stern warning against the risks of excessive leveraging. Buterin's concern is that if these treasury companies borrow heavily against their ETH holdings, a sharp downturn in the market could trigger a cascade of forced liquidations. This would create a negative feedback loop, where falling prices lead to liquidations, which in turn push prices down even further, potentially causing a catastrophic market collapse. Buterin explicitly drew a parallel to the 2022 collapse of the Terra blockchain, which was fueled by similar over-leveraged positions. He stated that if Ethereum were to face a similar downfall, his guess for the reason would be that it had been turned into "an overleveraged game." While he expresses confidence in the discipline of current $ETH investors, he remains cautious about the potential for this trend to devolve into reckless risk-taking. I have written a longer piece why I think these treasuries are a bad idea Link to my post