Today’s Nuggets
Cathie Unloads $50M of BMNR
ETH ETF Second-Worst Day Ever
Jackson Hole Nerves… JP will Screw The Pooch!
Bankruptcies Surge Past 2020 C19 Levels
PLTR Short via Citron due to OpenAI
Bullish Turns IPO Proceeds into USDC on SOL
The Doors to Solana just got Wider
US Making Record High Profits on the Back of AI
Tesla Launches their Yinivan
OpenAI Insiders Dump Stock into Softbank
The markets are very weak, and we are all losing money, but I will put some perspective on exactly why.
We will start with a lot of ugly news, which is probably the ugliest news I have shared since the tariff tantrums.
This one is called Correction Time, but in relative terms, this is absolutely nothing.
It is FUD time.
Sometimes, when markets are weak and they decline, that is when the FUD layers on, and everybody embraces the panic.
Everything is mainstream media, crypto, Twitter, etc. This is one of the pieces that hit, and it is all over the place.
This is just one example that I picked up from Leo. If you go back in time to say 2020-21, the Chinese pools controlled at all because this is not new at all, but I want to spend some time dispelling this 51% attack stuff because everybody is freaking out.
If you look at these two pools, one is Antpool, the other is Foundry - this is China versus America. They will not cooperate or collude. They do not have shared infrastructure. Therefore, they will not coordinate an attack.
Even if they tried a double-spend to be visible on the public blockchain, it would trigger an immediate response from the watchdogs and all the nodes around the world as well.
Historical analysis shows that theoretical collusion attacks do not benefit anybody. It results in mutual self-destruction. Therefore, there is no incentive even to do it in the first place.
Bitcoin's network includes tens of thousands of nodes run by users, exchanges, and wallets that validate blocks in a transaction and enforce the consensus rules. The miners propose blocks, but nodes decide whether or not to accept those blocks.
If you look at the people who want the downfall of Bitcoin, they tend to be ETH people.
Nothing against the ETH people at all, but they love dancing on graves whenever they can.
This same guy who is spreading the 51 attack stuff believes Ethereum is going to $80,000. By the way, if Ethereum reaches $80,000, it would have a market cap of $10 trillion. This is two and a half times NVIDIA's market cap, and many multiples of the entire GDP of Europe.
Always check the source.
I reported this a few days ago, that Monero also fears a 51% attack after Kubik says it controls 51% of the hash rate.
Monero is a different kettle of fish because it is one group, and not two competing groups. That is a key difference. I think Monero will recover from this as well.
You can see that the Bitcoin futures index dropped to the zero mark after a series of positive values.
Typically, Bitcoin goes up when you see blue on this chart. When the futures crash to zero or below, Bitcoin declines. This reflects a slowdown in momentum in the futures market, which also takes into account the combined influence of open interest funding rates. We were at an all-time high a few days ago, but now - of course - we are crashing down. However, that is exactly what happens as everything mean reverts.
We are also in August. Everybody is at the beach. This is always a quiet time, and it is rife with manipulation. Do not expect many fireworks. As we have said, August is always slow, usually generating flat to negative returns in the markets. The first two weeks of September can be violently bad before we head for recovery.
This is an interesting situation as Cathie Wood unloads her BitMine position.
She got in and out quickly. Mando mentioned yesterday that he is also unloading his ETH.
The ETH ETFs had the second-biggest unload day ever with $200 million worth of outflows.
All in all, much of this is triggered by when things go up fast, they often come down fast.
Everything
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