PEMDAS
Too Long; Didn't Read
The question at hand is whether the current price for Bitcoin is at the “bottom” Bitcoin is the purest and most battle-tested form of crypto money – and while it may not fall the most, its role as crypto's reserve asset will ensure that it’s Bitcoin that leads us out of the shadow of darkness. With short-term US Treasury yields moving from 0% in Q3 2021 to 5% at present, everyone has suffered bigly for their uber-bullish convictions. After walking through how leverage destroyed each cohort's position as rates rose, I will then explain why I think they have no more Bitcoin left to sell.