Starts this week. As always, the most interesting disclosures will come at the end of the reporting period in mid-May.

Relentless bid under gold is getting spooky. I say this as someone who's watched it daily for decades. Futures positioning is interesting and worth a post soon.

Continuing to watch this. A reclaim of 100k would imply a "handoff" from gold to BTC. As in previous cycles, this would open the door to a new period of huge outperformance by BTC over gold and other assets.

"Handoff" (previous tweet) coming into view? We'll see. BTC positive divergence from gold and risk in past 24 hours is striking. Haven't seen it to this extent in a long time. One of the more interesting situations to watch in the markets right now.

CME data on Friday afternoon shows that as of Tuesday April 1, BTC short positions held by leveraged funds (includes basis traders) declined to the lowest level since September 10...when BTC was trading at 57k. Orange line: shorts. Yellow line: price.

The perception of BTC as a hedge and safe haven should be watched closely. Late last week, its outperformance was flashing on the screen of anyone who runs money professionally. This type of perception, once it gets a foothold in the investment community, can be self-fulfilling

Huge accomplishment...and not surprising to anyone who's visited. See #6 and #7 in my El Salvador trip report last August: x.com/MacroScope17/s…

If you’re a nation-state that’s been looking to buy BTC, this is when you get in motion. Once the broader market stabilizes and starts turning around, the BTC offer side will dry up. That goes double for when the strategic reserve starts to advance in coming months. This doesn’t

March 1st. See the first sentence in #4. It's been fashionable recently on twitter and in the media to dismiss it ("they're focused on getting rates down"). But for better or worse (and I think the latter has merit), that first sentence will always be true. Always. To argue

Yes, this gold move should eventually extend to (and be lapped by) BTC. The question is when and from what BTC level. That still hinges largely on the broader risk environment...for now. I've said it before: This will be a career-maker trade for institutional guys who nail the

Intervention vibes everywhere. Probably time to start watching the Fed's website for a press release with words like "facility" and "smooth functioning" and "temporary." Emphasis on that last word, of course, as always.

Exactly two years ago at BTC 30k and gold $2000 (now $3300). Note “new higher price regime” for gold. And yes, the last line about BTC still applies over the long term, despite short-term lags. BTC’s eventual catch-up move should be a striking one. If readers are interested, I

This positive divergence by BTC should be jumping off the screen of any money manager with a pulse. Potentially historic. Let's see how it plays out. Gold has been shouting from the rooftop to be long BTC once BTC starts to diverge from risk. Continuing to watch a reclaim of

Two weeks ago. In my opinion, the first sentence is operative right now (and has been recently) and is impacting price. Opinion only. We may find out more from news reports in coming weeks and months.

Very well-done inaugural podcast by Bitcoin Archive. As someone who's visited El Salvador twice since 2023, I found the discussion about that country especially interesting. Thanks for the mention at 1:22. youtu.be/-1AaRCik0Uc?si…

One leg of the handoff looks underway...a short-term top in gold. Let's see if the next leg, a BTC reclaim, plays out.

In a 13F filing today, Michigan's state pension fund reported owning 100,000 shares of the ARK Bitcoin ETF, valued at $8.2 million as of March 31. This position was maintained from the previous quarter ending December 31, when Michigan also reported 100,000 shares. Filing:

Gold has gotten all the headlines. But quietly since the post below: BTC: +9% Gold: +6% If this continues to play out like previous BTC/gold cycles, a reclaim of 100k (and establishing a new floor there) should have traders watching for BTC to greatly extend this outperformance

In a 13F filing this morning, Brown University reported owning 105,000 shares of the IBIT Bitcoin ETF as of March 31, valued at $4.9 million. This is a new position, which means it was acquired in January, February or March. The total value of all 14 positions in the filing is

This important allocation is getting noticed by professionals in the industry. Coverage by Pensions & Investments: pionline.com/endowments-and… Chief Investment Officer: ai-cio.com/news/brown-uni… Thanks to Nasdaq/Bitcoin Magazine for the mention: nasdaq.com/articles/brown…