Important...to say the least.

Don't miss the handshake photo below. This is a young Salvadoran, who is an important part of the country's BTC program, meeting her president.

The type of report below has popped up regularly about BTC for years. Whenever you see it, keep this in mind. With BTC or any asset, if a very large holder gets in motion on the sell side, it’s often because he’s aware of a large buyer in the market. That awareness can come from his own market knowledge, or from sources including sell or buy side desks, etc. In my past experience as a market maker on a big sell-side desk, we’d often get a call from a hedge fund or mutual fund who would give us a large sell order and say something like “Don’t be in a hurry, there’s a big buyer out there.” Sometimes the seller would even name the big buyer. This trading dynamic is even more relevant to BTC, where the entire market can see when a big holder “wakes up” (ie, transfers BTC). The holder knows this, of course, so it’s often likely that he’s aware of a specific large bid out there that will compensate for everyone seeing that he’s woken up. Of course this dynamic isn’t always the case. Sometimes a big holder just wants out and he doesn’t know or care about anything else. But keep the above in mind when you see this type of report.

Part of what you’re seeing right now in BTC is the market sniffing out some big, badly positioned shorts. Always an interesting situation in any asset. If you're long, you should have no sympathy. They've been helping cap the price for months.

One year ago today at BTC 57k.

Crucial for traders to be watching for BTC headlines right now. DC focus. Also filings...13Fs are getting busy but possibly unexpected ones too.

Can't remember ever seeing an asset like BTC right now, where so much sidelined money has been watching the chart for so long with a plan to buy "once it breaks out." This includes institutional guys who assume enough offer-side liquidity (and time) will be there for desired position sizing. Will it work out that way? Maybe we'll see. Interesting situation.

As a US citizen who's visited El Salvador three times since 2023, I have nothing but laughing contempt for this. In fact, after reading it, I think I'll visit again soon as a show of support for the county. If you feel the same way, you should too.

One week ago. Since then: Gold -3.7% BTC +7.5%. "Unwind" continues.

From my El Salvador trip report posted in August 2024: "Women seem especially liberated by the improved security. I've learned that life was hard for many of them before the gang crackdown. They now feel safe and free. Many are starting businesses. Women are also an important part of the police force; they are active in patrolling communities and they are highly respected. Strangely, some international organizations and media outlets that vocally support global human empowerment have been silent about how the gang crackdown has improved the lives of women and children in El Salvador. Ask yourself why."