Today’s Nuggets
Dan Moorehead and Tom Lee’s BTC Predictions
ETFs Have Larger Bag than Satoshi?
40 Years to Mine Last Bitcoin
Demand Through the Roof
$upply Shock Incoming
Saylor says, “Come and Short Me!”
MicroStrategy Inclusion Secured?
Next Steps for Banana Zone
The Leverage Driven Pump
GROK will Disrupt Corrupt Judges
Plan for CFTC to Regulate Crypto
Saturday is when we look at all the big stuff that happened during the week and the stories you probably missed.
The crypto market cap right now is over $3.4 trillion. It was $2 trillion two months ago and everybody made a lot of money.
The volume is monstrous despite being a holiday week at $165 billion. The Bitcoin price is just under $97K, and everything is cooking along nicely.
The Fear and Greed Index is still high at 84.
The November returns are almost too good to be true, as it will be almost a record return for November. The last time it was this high was 2020. The average return for November is 41.6%, so we are just shy of that.
The average return for December is 9.6%, which is always a very good month. We are probably going into another strong month.
The crypto market was very unusual in Moonvember.
This gets people very excited. All the garbage that had been stagnant for the first half of the bull run started to move all of a sudden: FOMO, Toncoin, Dara, Chainlink, Ethereum Classic, Cosmos, Algorand, VeChain, and Celestia.
All the stuff that was not doing very well is suddenly up. Even XRP is up 8.67% for the week. This is all benchmarked against Bitcoin.
Bitcoin is flat, so this dashboard is pretty much the same as the previous chart but we had a lot of dark green out there in names that simply should not be up there.
I was hoping that the level of knowledge and ability to research tokens would be much higher compared to 2021, which is not the case.
We are entering the banana zone, which we will cover later.
You can see BlackRock's activity with the red line on the chart.
You can see a bit of a drop-off because it was a holiday week in the U.S. The stock market was closed on Thursday and only a half day on Friday.
The overall trend is still up.
We have had the craziest accumulation since day 200. It took 200 trading days going back to January 11th of this year for things really to kick off.
As I always say, price is like the best advertisement for Bitcoin. As it starts getting more expensive, people get more interested.
The ETFs had an outflow of 1,600 Bitcoin.
Although it was only a half day yesterday, 3,300 BTC were absorbed. Last week would have been 4,500 BTC outflow if it had not been for the big buy from BlackRock.
I do expect next week to be much better, kicking off December.
Dan Moorehead predicts that in three years and five months, Bitcoin can hit $740,000 or nearly 8x from where we are today.
He has been in Bitcoin since 2013 and is spot on with his forecasts.
Let us look forward to this…
Tom Lee is also very good, particularly in stock market stuff. He did have some predictions in 2021 that fell by the wayside but that is because it was also a manipulated season.
Satoshi has somewhere between 1.04 and 1.1 million across a couple of wallets.
This bag is worth over $105 billion in today's value. By the end of 2024, we expect Wall Street to replace Satoshi as the top Bitcoin wallet.
These ETFs are in Pac-Man mode, gobbling it all up like crazy.
When forecasting, we always have to look at the long-term holders because they are very clever. They have been around for a long time and tend to dump first. Therefore, you have to keep a very close eye on them.
James Van Stratton aggregated all the cohorts, including ETFs, Bitcoin miners, and exchanges. Around 87,000 Bitcoin have been net accumulated over the last 30 days. This tells JVS that long-term holders are slowing down their profit-taking of coins.
Therefore, any long-term holder that wanted to make a profit near $100,000 has done so.
In addition, the short-term holders capitulated on the 10% correction.
The demand for Bitcoin far outstrips the supply. It is like nothing I have ever seen before and I have looked at the on-chain data for a long time.
I have never seen
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