Wednesday, Oct 25, 2023

long-term holdings, macro comparisons, yields, deficits

“Never mistake a clear view for a short distance.” – Paul Saffo ||

Hello everyone! I hope you’re all doing ok…

You’re reading the daily premium Crypto is Macro Now newsletter, where I look at the growing overlap between the crypto and macro landscapes. There’s also usually some market commentary, but NOTHING I say is investment advice. For full disclosure, I have held the same long positions in BTC and ETH for years, and have no intention to either buy more or sell in the near future.

If you’re not a subscriber, I do hope you’ll consider becoming one! It would help enable me to continue to share what I learn as I work on figuring out where we’re going. It’s only $8/month for now, with a free trial.

And if you find this newsletter useful, would you mind hitting the ❤ button at the bottom? I’m told it boosts the distribution algorithm.

Also, I’m now host of the CoinDesk Markets Daily podcast – you can check that out here.

IN THIS NEWSLETTER:

• BTC is now swimming in a different river

• Keep an eye on the long-term holders

• An eye-opening US budget deficit graphic

• Relative government debt yields

WHAT I’M WATCHING:

A different river

For now, BTC seems to be holding at around $34,000, and while I have no idea whether it goes up or down from here, it’s relevant to compare these waters to the last time we were here.

By “here”, I mean around $34,000 and heading up, since comparing now to the panic surrounding the collapse of the Terra/Luna ecosystem is not particularly useful.

So, the last “here” was in July 2021.