The article discusses the price of Bitcoin and argues that it has hit its bottom. The author explains that the fall in Bitcoin's price was caused by leverage, and that with short-term US Treasury yields rising from 0% in Q3 2021 to 5% currently, everyone has suffered as a result. The author goes on to discuss the bankruptcy order of operations for centralized lending firms, Bitcoin mining operations, and ordinary speculators, and argues that they have no more Bitcoin left to sell. The author concludes by stating their plan for trading this possible bottom.

The first paragraph explains the reasons behind Bitcoin's price drop, citing leverage and rising short-term US Treasury yields as the main causes. The second paragraph discusses the order in which centralized lending firms, Bitcoin mining operations, and ordinary speculators go bankrupt, and argues that they have no more Bitcoin left to sell. The third paragraph discusses the author's plan for trading this potential bottom.

• My ideal crypto asset must have beta to Bitcoin, and to a lesser extent, Ether. These are the reserve assets of crypto. If they are rising, my asset should rise by at least the same amount – this is called crypto beta. This asset must produce revenue that I can claim as a token holder. And this yield must be much greater than the 5% I can earn buying 6- or 12-month treasury bills.

• I have a few super-powered assets such as GMX and LOOKS in my portfolio. This is not the essay where I go into why I will be opportunistically selling my T-bills and purchasing these during the upcoming months of the hopefully sideways bear market.

Disclaimer: AI generated. Link to complete article

The article discusses the price of Bitcoin and argues that it has hit its bottom. The author explains that the fall in Bitcoin's price was caused by leverage, and that with short-term US Treasury yields rising from 0% in Q3 2021 to 5% currently, everyone has suffered as a result. The author goes on to discuss the bankruptcy order of operations for centralized lending firms, Bitcoin mining operations, and ordinary speculators, and argues that they have no more Bitcoin left to sell. The author concludes by stating their plan for trading this possible bottom.

The first paragraph explains the reasons behind Bitcoin's price drop, citing leverage and rising short-term US Treasury yields as the main causes. The second paragraph discusses the order in which centralized lending firms, Bitcoin mining operations, and ordinary speculators go bankrupt, and argues that they have no more Bitcoin left to sell. The third paragraph discusses the author's plan for trading this potential bottom.

• My ideal crypto asset must have beta to Bitcoin, and to a lesser extent, Ether. These are the reserve assets of crypto. If they are rising, my asset should rise by at least the same amount – this is called crypto beta. This asset must produce revenue that I can claim as a token holder. And this yield must be much greater than the 5% I can earn buying 6- or 12-month treasury bills.

• I have a few super-powered assets such as GMX and LOOKS in my portfolio. This is not the essay where I go into why I will be opportunistically selling my T-bills and purchasing these during the upcoming months of the hopefully sideways bear market.

Disclaimer: AI generated. Link to complete article